You must be familiar with some payment methods on Shopee, such as ShopeePay, Cash On Delivery, or Pay By Card. Each of them will have specific advantages and disadvantages.
Recently, Shopee has introduced a new payment method which is more outstanding than the older ones. If you are recognized as a qualified user of Shopee, you must not miss this feature. It is SPayLater. This feature is surely more convenient than other methods.
SPaylater – New feature for Shopee users
Keep reading to know what it is and why it will be popular with many users.
Table of Contents
What Is SPayLater?
SPayLater is one of the Shopee payments available on qualified purchases of up to 12 months that allows buyers to now pay later and take out an installment loan for their purchase.
Shopee users may opt for a “Buy Now, Pay Later” plan if they buy a product. They can then take out an installment loan for the product due every month. Payment plans allow them to make smaller payments instead of one large payment upfront.
SPayLater has charges of 0-2% total amount of that transaction. And the interest rate every month can be from 1 to 5% for each item. Importantly, the qualified customers need to pay their bills on time assigned in advance in order not to pay more for additional fees.
The table below will show you the charging regulations of Shopee when users choose to pay via SPayLater:
| Processing Fee | Interest Rate (Monthly) | Additional Rate for Late Payment |
| 0-2% total amount of each transaction | From 1 to 5% of the amount of each product | From 2.5 to 5 % |
It is very convenient for many users to apply SPayLater when purchasing. However, not everyone can use this feature on Shopee because it is only available for some chosen users of Shopee. And if you are that lucky user, you should remember that the interest rate of SPayLater will be different for different products.
SPayLater’s Requirement
If users want to use SPayLater on Shopee, they have to verify their accounts by providing Shopee with their ID cards which the government issues. After that, they must fill in all the required information in the activation form to activate this feature.
Shopee accepts six types of IDs that users can use to verify their accounts. They are respectively: UMID, driver’s license, passport, postal ID, PRC ID, and national ID.
Furthermore, Shopee users who opt in for SPayLater must be mindful of repaying the set amount on time. Failure to do so would incur a monthly late payment fee of 1.5% of the overdue balance.
See also: Suncash Information You Should Know
How to Activate SPayLater?
Process to activate this paying feature
It is not too hard to activate SPayLater on the Shopee app. First, you must provide Shopee with one of the IDs mentioned above. Now, you need to follow these six steps to activate this useful feature:
- Step 1: You will see SPayLater on the Me tab after Shopee chooses you as a qualified user. Choose that section.
- Step 2: A signal “Activate Now” will appear immediately. Click “Activate Now”.
- Step 3: Shopee will send you an OTP number after your click. Enter that number into the blanks.
- Step 4: You must re-upload your MyKad and some other information.
- Step 5: Take a facial photo to verify your account. You’re almost done activating this feature.
- Step 6: You have finally activated the SPayLater feature on Shopee.
Once activated, SPayLater will be available as a payment option when you are about to check out. You also can choose the time frame you like to pay back in this step.
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FAQs about SPayLater
Here are the three most common questions about SPayLater. You can understand more about this new feature of Shopee to use and avoid unexpected situations happening easily.
How Can I Pay My Bills When Paying Via SPayLater?
Every fifth or 25th day of the month, your SPayLater account will show an up-to-date list of the orders made and any refunds.
If you want to pay your bill with SPayLater, log into your account, go to the profile menu, and select SPayLater. Once you click “PAY NOW,” you will be redirected to the page where your options for paying the bill with SPayLater can be seen.
You should select the payment method that suits your needs by going to “Payment Method” and choosing one of these options: E-wallet, Over-the-counter, ShopeePay, or Online Payment. It would be the best choice to choose ShopeePay or other E-wallets with mobile banking.
When Ought I to Pay My SpayLater Installment Loan?
If you are making monthly payments for your SpayLater installment loan, the due date will depend on what day of the month you have chosen to start paying. To avoid incurring higher interest rates, you should pay your bill three days before the end of the month.
SPayLater paying process
Assuming you were approved on the 5th of the month, you pay back your installment loan on that same date each month. Alternatively, if you were approved on the 15th, you will pay each month on that date.
The bill for your installment loan will appear under “My Bills” after logging into SPayLater. You can view billing cycles by checking the date in the table below it.
How Much Will I Have to Pay If I Pay SPayLater Bills Late?
If your payment is late for your selected time frame, Shopee will suspend your account.
When your SPayLater credit has been deactivated, you need to settle any outstanding fees before using it again. Failure to do so will lead to your account being continuously stopped. You only can re-activate your account and SPayLater after you complete paying your debt.
Furthermore, they will charge 1.5% on the overdue amount if the monthly payment is not paid.
Conclusion
Applying this new feature will give you a more interesting shopping experience. And SPayLater will not disappoint its users. Let’s activate this payment method as soon as possible so that you can feel more comfortable when shopping online.
If you have any other questions about this feature, don’t hesitate to contact us. We are always willing to support you!
Want to get cash fast and easy?
See also: Finbro Information You Should Know
