BillEase Loan: How to Shop Now, Pay Later and Get a Cash Loan Through BillEase
Published: September 11, 2021 | Updated: September 15, 2021 | Posted by: Moneymax | Loans
Amid these trying times, a lot of Filipinos wish to borrow money as financial relief in these trying times. Different loans fulfill different life goals. But have you heard about the BillEase loan that takes care of your online purchases and cash needs?
Yes, BillEase Loan is an option for those who want to buy essentials, gadgets, and other items from digital stores. Aside from that, BillEase also offers cash loans for those who need money for other purposes.
Learn more about the BillEase loan through this ultimate guide.
Table of Contents
- How BillEase Works
- BillEase Buy Now, Pay Later Guide
- What is the BillEase Buy Now, Pay Later Service?
- How Does BillEase Buy Now, Pay Later Work?
- What are the BillEase Loan Requirements?
- How Do I Get Approved for a BillEase Loan?
- How to Process the Buy Now, Pay Later Option
- Do I Need to Provide a Down Payment for the BillEase BNPL Option?
- What Happens If I Don’t Settle the Down Payment?
- Where Can I Buy Items with BillEase?
- BillEase Cash Loan Guide
- Final Thoughts
How BillEase Works
The BillEase loan gives Filipinos a chance to shop and pay with convenience. You can borrow money from BillEase via two loan products: the Buy Now, Pay Later option and the BillEase Cash Loan.
Upon BillEase approval, borrowers can enjoy the following benefits:
Low Interest Rate
With the loan’s monthly interest rate of 3.49%, borrowers don’t need to worry about huge add-ons to the principal loan amount. BillEase now also offers 0% interest when you buy from its select partner merchants.
Flexible Loan Amount
Borrowing from the BillEase app allows you to get up to PHP 40,000 loanable amount depending on your account’s credit limit.
In-App Exclusive Features
Upon approval of your BillEase Loan, you can automatically use the in-app features that allow you to top up your e-wallets, pay bills, and buy load.
BillEase Buy Now, Pay Later Guide
What is the BillEase Buy Now, Pay Later Service?
BillEase Buy Now, Pay Later (BNPL) is an online shopping loan that pays for your bills from the list of BillEase partner merchants. BNPL is a payment method you can use when purchasing goods online.
Although BillEase still charges monthly interests and fees, it becomes a convenient option for those who want to own an item on sale even without cash or a credit card.
How Does BillEase Buy Now, Pay Later Work?
Sometimes, you need to buy something, but you can’t because you don’t have available funds. BillEase addresses this problem by allowing you to buy the item now and pay later when you’re most likely to have enough money. Paying at a later time will help you stretch your cash on hand and spend it on other essentials requiring cash payments.
This feature also comes with a promo in which borrowers can buy now and pay later without any interest charges.
- Lazada Loans: What Online Shoppers Need to Know
- Buy Now, Pay Later: How to Use TendoPay for Online Purchases
What are the BillEase Loan Requirements?
To apply for a BillEase loan, you must be at least 18 years old and have a stable source of income. You should also submit a copy of any of the following documents:
- Latest proof of income – Payslip,certificate of employment, bank transaction receipts, PayPal transaction history, or remittance slips
- Proof of billing – Meralco bill, cable TV bill, water bill, or any other postpaid utility bills. If the proof of billing is not under your name, don’t worry! Just make sure you submit proof of billing that shows the current mailing address you use during the application.
- Valid government-issued ID
How Do I Get Approved for a BillEase Loan?
Since the BillEase loan is digital, most verification and evaluation processes are based on the documents you submit.
Here are a few tips for you to have a higher chance of approval for your BillEase loan:
- Provide the most recent and updated documents.
- Make sure that the files you upload are clear and accurate.
- Submit as many documents as you can. If you’re employed with side gigs, you may submit both a certificate of employment and proof of remittances. Having multiple income streams will increase your chance of getting approved.
- Don’t apply more than once. Applying multiple times will lower your chances to be approved. It is more important to apply once with valid and complete documents.
How to Process the Buy Now, Pay Later Option
Once you’ve decided to avail of the BNPL, here are the things you should do next online:
- Search the item you want to buy from any BillEase partner merchant.
- Add the item to the cart and proceed to checkout
- Choose BillEase as a payment method and you will be redirected to the BillEase login page.
- Login to your BillEase account and choose the option “One-time payment” as your loan payment method. This will automatically show the total payable amount and the due date.
- Confirm your purchase payment with BillEase by signing a contract using the one-time password sent to your registered mobile number
Do I Need to Provide a Down Payment for the BillEase BNPL Option?
Down payments are required for some items depending on the merchant’s terms and conditions. In some cases, the downpayment is ⅓ of the item price. So, if the item costs PHP 30,000, you have to pay at least PHP 10,000 as a downpayment, and the rest of the amount will be handled by BillEase.
To start, please make sure you have the following:
- Valid approved BillEase account
- The item you wish to buy
- Your down payment
Once you have all three requirements above, you can settle the down payment through these steps:
- From the merchant’s page, proceed to Checkout and choose BillEase as a payment option.
- Settle the down payment. Once you’ve checked out, go to your BillEase account and check the reflected down payment due.
- Tap the Make a Downpayment option so that you’ll be redirected to the page where you can choose a payment method. If you choose the bank transfer method, expect the payment to be posted within two banking days. If you choose the online banking method, the payment will be posted immediately.
- Wait for your payment to be verified.
- Once you receive the payment verification, your order will be confirmed and the merchant will prepare your item for delivery.
What Happens If I Don’t Settle the Down Payment?
Your down payment is important to keep your order active. If the down payment deadline lapses, your order will be automatically canceled by the merchant, and you might lose all discounts and promo vouchers that came with it.
Where Can I Buy Items with BillEase?
BillEase enables its users to shop at over 70 merchants. The following are some of BillEase partner merchants where you can pay with the BillEase Buy Now, Pay Later method:
- Mandaue Foam
- Data Blitz
- Game one
- Banila Co
- Henry’s Camera
- Comp Asia
- Analog Daily Records
- Drive Groceries
- MUMUSO Philippines
- Lounge Edit
- Laptop Factory
BillEase Cash Loan Guide
What is the BillEase Cash Loan?
The BillEase cash loan allows borrowers to turn their credit limit into a cashout limit. Borrowers can now withdraw the cash loan amount through their nominated bank account or Coins.ph account.
How to Set Up a BillEase Cash Loan Cashout Method
Setting up your cashout method makes it easier for you to receive your loan. Choose a method that’s more convenient for you to access.
- Log in to your BillEase account.
- Choose Settings and click on the Availment Method. A list of methods will be shown on your screen, including a Lazada voucher. Click on the Manage Your Cashout Accounts.
- Click the + button. A form will appear.
- Fill out the form with the required information. You need to provide your bank details or e-wallet details.
- Verify the added disbursement method by going back to the Manage your Cashout Accounts page and click on Verify. A one-time password (OTP) will be sent to your registered mobile number.
- Input the OTP and click on Verify.
How to Apply for a BillEase Cash Loan
Applying for a BillEase Cash Loan is easy through your BillEase account. Follow these steps:
- Log in to your BillEase account.
- Choose the Installments tab and find the Avail Now option.
- Choose your preferred disbursement method.
- Click on Claim Now.
- Confirm your loan details and review your contract.
- Sign the contract with an OTP sent to your registered mobile number.
- Wait for the confirmation of your loan and the disbursement details to appear on your screen.
How to Pay BillEase Loan
Your BillEase payment is important for you to settle your dues on time. Check these options (with their payment procedure) and choose the one that’s right for you.
Paying with Coins.ph is easy. First, wait for the payment request email sent by BillEase. Click the payment request, and you’ll be redirected to payment channel options. Choose Coins.ph and follow the instructions.
To make a BillEase to GCash, you need to log in to your GCash account. Choose the GCash bill payment feature, and enter your BillEase Loan ID and BillEase account number. Follow the GCash bill payment prompts to complete the process.
Linking Your Online Bank Account
BPI and UnionBank users can link their BillEase accounts with their savings account and pay their BillEase loans conveniently through mobile banking.
Online Bank Transfer
BillEase payments through bank transfers don’t require bank fees. When transferring funds for payment using online banking, enter the following details:
Account name: First Digital Finance Corp
Account number: 8101 0064 77
Account name: First Digital Finance Corp
Account number: 0000-001768-090
Settle your BillEase loan through Cebuana Lhuiller on the Coins.ph portal. Click on Cebuana Lhuillier as your preferred payment method. You’ll be redirected to a page that contains Coins.ph’s payment details. Take note of the details or save a screenshot of the page.
Then proceed to the nearest Cebuana Lhuillier branch. Take a BILLS PAYMENT form and fill it out with Coins.ph’s payment details. Take the form to the teller and have them process your BillEase loan payment. Cebuana may ask you to pay a PHP 40 processing fee.
Log in to the Coins.ph portal. Click on Pay BillEase and choose M Lhuillier as your preferred payment method.
Enter your complete name on the blanks provided. You’ll be given a reference number that you must present to your preferred M Lhuillier branch. Bring a valid ID and go to the nearest M Lhuillier branch.
Through your Coins.ph account, choose “Pay BillEase.” Select the 7-Eleven store payment method, and you’ll be taken to a page with your reference number, the payment barcode, and additional payment instructions.
Then go to the 7-Eleven store near you and ask the cashier for 7-Connect Payment. The cashier will scan the barcode or use the reference code provided along with the payment instructions.
The BillEase loan is a loan app for Filipinos who need financial relief amid crises and emergencies. Once approved for either a Buy Now, Pay Later loan or a BillEase Cash Loan, make sure you pay your installments on time and in full. BillEase is an opportunity to survive in this challenging time. Make use of the chance by being a responsible borrower.
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