SPayLater for bills and Shopee purchases

Since the pandemic started two years ago, people opt to purchase items online. That’s why e-commerce sites like Shopee and Lazada was so in and their sales skyrocketed. Recently Shopee launched SPayLater.

The amount depends on them, here’s mine

What is SPayLater?

SPayLater is a feature wherein qualified buyers have the option to buy now and pay later or apply for an installment loan of up to 12 months for their Shopee purchases.

SPayLater has a processing fee of  0-2% per transaction amount and monthly interest ranges from 1-5% for items. Pay your SPayLater bills on time to avoid additional charges.

Processing Fee	Interest Rate	Late Payment Fee
0-2% of the total amount	1-5% per month on total order The interest rate will be based on your personal credit profile	2.5-5%  This monthly rate is applied to the outstanding amount

Note:

1. SPayLater is only available to select Shopee users.
2. SPayLater credit cannot be withdrawn. For withdrawable loan, learn more about SLoan.
3. For further details about your bill computation, please contact Shopee to provide steps on where to check the breakdown of the bill.
4. Interest rates may vary for items from different product categories.
5. Users cannot avail of SPayLater services to buy products from the Voucher category,  the Jewelry, and Gold category, and Digital Products (e.g. mobile load, mobile data, etc.). Selected users will be able to use it for bills payment.
6. Learn how you can pay with SPayLater.

Before you choose to pay via SPayLater, understand the detailed terms and conditions to see if you’re eligible and whether the payment plans suit you.

ACTIVATE SPAYLATER

Here’s a guide on how to activate your SpayLater.

I was able to try the SPayLater feature when I purchased a tail light (left side) of my car. I accidentally hit a Meralco post when I was parking in reverse, so ayun basag ang ilaw. Since it’s not part of the monthly budget, I decided to try SPayLater for a month period.

Here’s a sample computation:

I purchased a tail light for P2,500 and I used SPayLater for a month period. I was charged around 4% for this transaction.

Overall, I find this offer by Shopee same with other companies like Home Credit but with less paper works. But I suggest to only use this on items that you really need and you don’t have a budget to pay for it yet. Remember that the interest of 4% per month is still huge. I would rather use a zero percent offerfrom credit cards for big purchases.