Lazada Loan Review You Should Know [2022]

Going shopping online has never been necessary like nowadays. Among all online shopping sites, it is undeniable that Lazada’s platform is convenient for Filipinos to order what they need.

Fortunately, this e-commerce site also offers the latest loan, where buyers can find short-term money lending solutions for their purchases.

This post will provide you with the Lazada Loan instruction to help you understand further!

Lazada Loan - What is it?

Lazada Loan – What is it?

What Is Lazada Loans Feature?

The Lazada loan was launched when the sales program started on 9 September 2019. This feature allows shoppers to apply an alternative method to pay online for groceries and gadgets items. 

This company cooperated with recognized mobile lenders to increase the feasibility of this new function, providing shoppers with a paying-after-buying service and simple installment without the requirements of their credit card.

You may also register conveniently for a loan right on the app or website. Then your application form will be approved as fast as possible, just after a short time. You can comfortably spend your lending money to shop and pay for items on the app.

The Various Benefits Of Lazada Loans 

Lazada Loans can solve your financing problem if you are going to spend a small amount of money. The amount of lending money starting from PHP 50,000 differs according to the lender.  

This site allows you to buy now, pay later

This site allows you to buy now, pay later!

1. Special Interest Rate

The partners provide a 0% interest loan program for these first-time customers. Additionally, successful loans will be offered typical interest rates, ranging from 2%- 5%.

2. Simple Application

You can implement all the steps on the app without going anywhere to deposit or withdraw.

3. Quick Approval

Thanks to the digital process, getting the approval can be done in 5 mins and not more than one day.

4. Attractive Installment Plan

There is a 24-month plan installment option for you, but you have to meet some requirements. For example, you can select one of Lazada’s partners offering an installment term, up to 12 or 24 months.

5. Accredited Lenders

Because of the chances of accredited lenders partnering with this online shopping site, you can register for two loans or even more.

Get cash from Lazada Loan now

The Downsides Of Lazada Loans

1. Unnecessary Debts Can Arise

Most people can be irresistible in online shopping. You can accumulate excessive debts with these special offers below:

  • Various deals
  • High credits
  • Attractive discounts

The only way to solve this problem is to control yourself.

2. Other Fees Needed To Cover

You can still need to pay the amount of money for the process, although interest rates seem highly low. 

You should ask the lenders about penalties, which you need to pay attention to.

3. Other Loan Deal Might Be Affected

If you use many loans, your financial obligations and house mortgage can be spent on your loans for shopping online, which typically happens.

See also: TendoPay Buy Now Pay Later Review

Lazada Loan Request

It is easy and simple to apply for a loan service. Your smartphone is all you should prepare and just implement according to these requirements below:

  • An account Lazada Wallet activated
  • Valid ID issued by the government such as driver’s license, passport, UMID
  • Screenshots of your account registered on the app
  • The billing proof (optional)

Activate your Lazada wallet now.jpeg

Activate your Lazada wallet now!

So, why do you need to activate your online wallet? The answer is that after you get the loan approval, it allows you to collect your lending money proceeds.

The Way To Activate Your Online Wallet On Lazada App

  1. Log on to the app.
  2. Choose the Wallet icon (the top right corner).
  3. Select Activate My Wallet.
  4. Enter your phone number, then choose Send Code.
  5. Enter the OTP sent to your phone.
  6. After verifying your phone number, you will return to the Wallet page.

The Way To Get The Approval For A Lazada Loan

Come back to the dashboard of Lazada Wallet then, tap Loans after meeting all your requirements above to redirect to the Lazada Loans homepage. 

After that, let’s select the lender accredited. Keep in mind that the lenders provide various loans and sometimes may request other requirements.

Philippines Partners Of Lazada Loan

Partner Billease Tendopay UnaPay
Loan amount PHP 2,000 – PHP 40,000 PHP 6,000 – PHP 30,000 PHP 2,000 – PHP 50,000
Loan terms From 2 – 6 months for first-time borrowers

12-24 months for royal customers

24 months From 1 – 6 months
Interest rate Starting at 2% (depending on the term and amount loan) 5%
Application Requirements Billing proof

One valid ID

Income proof 

Income proof

One valid ID

FAQs

1. Where can you withdraw the cash?

Keep in mind that the loan is not cash but comes under the Wallet credit form, ensuring to spend your money on purchases. Therefore, be careful of agents messaging and calling you that customers may pick up cash directly.

2. Do Lazada Wallet credits expire?

In fact, they don’t expire. On the other hand, you may shop online whenever you want but remember to repay your loan if customers stop using Wallet credits.

3. What are these repayment steps on Loan Lazada?

You will repay your loan to the lender directly because the agreement is only between the lender and customers.

The majority of lenders have different payment methods, transferring from bank to bank or bill center. Make certain that you read the contract with the lenders carefully to prevent confusion.

4. May I choose  GCredit as one choice for payment?

Regretful, the answer is no. Because GCredit is not the partner of Lazada Loans 

Final Thoughts

Undoubtedly, Lazada has accounted for a major part of the Philippine online shopping market.

Remember to utilize any loan service of Lazada and always remind yourselves to spend your funds properly and prioritize your needs first. 

We hope that you can find the “Lazada Loan” article informative and insightful!

Thank you for reading!

See also: Buy Now Pay Later – Shopping Without Looking At Price Tag

Get cash from Lazada Loan now

 

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