I am sure that you've heard about Shopee SPayLater at one point especially if you are an avid online shopper. I wasn't even interested at first to be honest. Processing fees and interests have always been red flags to me. The only loans I am willing to deduct from my paychecks are salary and multipurpose loans from SSS and PAGIBIG. I just wanted to make sure my contributions were properly utilized.
I am not even confident enough to apply for credit cards because I am scared that the interests would be too much and would add up to my piles of bills. I would rather wait until I have enough cash to buy something I want or need. That way, I won't get any unexpected charges.
Think cash. That's what my mother used to tell me all the time. However, I kept on seeing these promotions online and thought of maybe trying out SPayLater for a change, and see whether it's worth it or not.
Before we start, I would like to let you know that I am not a financial expert or affiliated with Shopee so everything I say is based on my experience or what I have encountered.
WHAT IS SHOPEE SPAYLATER?
It's like a payment method/service provided by Shopee wherein qualified users can use this to pay for purchases at a later date. This is good if you don't have cash on-hand or you find it uncomfortable to pay first before getting your purchases.
Users have the option to settle payments in installment basis - you can choose to pay on your chosen due date (every 5 or 15 of the month), pay in 3, 6 or 12 months. Of course, the longer option you choose, the higher the interest rate will be. If you failed to settle on your due dates, late fees would also apply. There might be consequences as well such as suspension of your account or limit to Shopee services and vouchers.
Credit limit is up to P50,000 monthly depends on your approval. When I signed up, I was approved with a P10,000 credit limit. I think the expected monthly salary disclosed during application as well as your account history has something to do with the approved credit amount. Feel free to correct me if I'm wrong.
For more information regarding SPayLater, I've included some screenshots here, which you can also easily see on your Shopee app.
HOW TO SIGN UP FOR SPAYLATER
To be honest, it took me several tries before I get approved. I am not sure what exactly went wrong on the first few tries - it could be my I.D.s or some information I must have typed in wrong. Then about less than a couple of weeks ago, I gave it another shot and was finally approved. I started buying groceries and a few things I need using SPayLater.
HOW TO USE SPAYLATER
It's very easy to use this service from Shopee. You just have to do the usual shopping and just select SPayLater as the payment method uponchecking out. If you are not ready to pay the item in full, choose from the monthly installments that are available. I always choose BNPL (Buy Now, Pay Later) because the interest rates and processing fees will be lower.
You have two options to choose for your due date. You can consider your payout date (if you are an employee) before choosing what's best for you. I chose 15th of the month though because...uhmm, no particular reason. :D
HOW TO PAY YOUR SPAYLATER LOAN
HOW TO PAY YOUR SPAYLATER LOAN IN ADVANCE
As much as possible, I'd like to pay for my purchases ahead of time so I don't have to worry later on. It's a personal preference but that's what I usually think. I don't like COD as well because I prefer cashless payment. I get impatient too while waiting for my bill which I can only expect to come at least 10 days prior to my due date.
I was only playing around when I found out I could pay my SPayLater loan in advance. I included some screenshots down below. I found out that every time you receive an order paid with SPayLater, it automatically accumulates on the upcoming bill amount which you can pay in full even if it's not your due date yet. I like doing this so as to increase my credit limit back up again and avoid expensive bills when it's already almost my due date.
NOTE: There are lots of payment methods to choose from to pay your loan. It doesn't have to be Shopeepay. I just like to keep some cash in my Shopeepay account just in case I need to buy something.
I find Shopee SPayLater convenient to use. The application only takes about 5 minutes as long as you have a valid I.D. and make sure you follow the instruction properly, supply all valid information and fix yourself for the facial verification part.
I haven't been able to use SPayLater for a long time yet but so far, I enjoy using it most especially because of the vouchers only exclusive to SPayLater users. I noticed that they give out vouchers from time to time wherein users can take advantage of 20-100% cashbacks, capped at around 75-350 coins.
Imagine the amount of coins one could earn and use for future purchases! I'm easily swayed by these cashback promos and I'm not sorry at all. Haha!
It was too hot these days so I decided to buy a pair of cotton boxer shorts for women. They were on sale for about ₱159/ea. The total was ₱292 for the pair (applied free shipping and coins) and I got some cashbacks worth ₱200 (because of the 100% cashback voucher capped at 200 coins). Including the rates/fees for this particular purchase, I paid ₱303.71. So hindi na 'ko lugi, right?
Yesterday, I received one of my orders from last week - an OPPO Band B1 Watch - which I got on sale for ₱1099. I got it further discounted because of an SPayLater voucher where I got 400-peso off my total purchase. Imagine the savings. I only paid ₱699.35 for my loan.
I assume that we'll encounter less and less of these types of promotions in the future, so you know it when they say, "enjoy while it lasts."
I just had a minor issue with SPayLater so far and this is with regards to the interest/free shipping vouchers. Take this one for example. Say I am to buy this earrings which costs around ₱589...
I noticed that if I choose a free shipping voucher with the ShopeePay/SPayLater label, I'll pay ₱653.85 for my loan (please see screenshots below). If I choose a different shipping promotion though without SPayLater on it , I would only pay ₱612.27. It appears misleading to me because how come they are providing free shipping vouchers, yet it seems like I'll have to pay for them through loan? This is just an observation and I don't think it's a technical error either. I've been trying these shipping promos with other products too in my cart and there's really a difference on the loan amount. It doesn't make sense to me at all. If you have an explanation for this, please enlighten me.
SAMPLE SPAYLATER VOUCHERS
Screenshot below shows examples of the the promotions offered when you utilize SPayLater. I would say that it's a convenient and practical way of paying for purchases online and I would definitely continue using the service. From time to time, they also offer 0% interest on certain products. I'm kind of excited for the next big sale and see what kind of offers I can take advantage of!