Lazada Loans: What Online Shoppers Need to Know
Published: April 17, 2020 | Updated: October 9, 2020 | Posted by: Ricky Publico | Personal Loan
Published: April 17, 2020
Updated: October 9, 2020
Posted by: Ricky Publico | Personal Loan
![Lazada Loans Guide: Features, Benefits, and Application Lazada Loans Guide: Features, Benefits, and Application]()
Online shopping has never been this essential lately, and it’s safe to say that Lazada helped provide a convenient platform for Filipinos to shop for their needs. Another great deal of help they’re providing is their newest Lazada Loans feature, where shoppers can apply for a short-term loan for Lazada purchases. Here’s a guide to help you understand further.
What is Lazada Loans?
Launched last year during the Lazada 9.9 Sale[1], Lazada Loans provides shoppers with an alternative way to pay for their online shopping, may it be for gadgets or grocery items. Lazada partnered with accredited mobile lenders to make this feature possible.
Lazada Loans allows shoppers to buy now and pay later with easy installment plans minus the credit card requirement. You can apply for a loan directly through the Lazada website or app and have your application approved within the same day. Once approved, you can use the loan amount to buy items from Lazada or pay your bills within the app.
Read more: Different Types of Personal Loans Every Borrower Must Know
Lazada Loans Features and Benefits
![Lazada Loans Guide - Lazada header Lazada Loans Guide - Lazada header]()
If you’re planning to make a small-ticket purchase, Lazada Loans can help you fund it. You can borrow money as high as PHP 50,000, depending on the lender.
- Easy Application. The entire process happens within the Lazada app. No need to head somewhere to apply and withdraw your proceeds.
- Low Interest Rate. The lowest interest rate clocks in at 3.98% but they also have a 0% interest rate promo that will run for the entire month of April.
- Fast Approval. Since the process is entirely digital, the approval can be as quick as five minutes but certainly not longer than 24 hours.
- Accredited Lenders. You can apply for more than one loan, thanks to the choices of accredited lenders that partnered with Lazada.
- Flexible Installment Plan. You can choose an installment plan of up to 6 months.
One key thing to note is that you can’t withdraw your loan outside Lazada. You can only spend your loan proceeds within their stores, so if you’re planning to borrow money to buy something elsewhere, make sure it’s available at Lazada.
Read more: 5 Salary Loans to Consider for Financial Emergencies
Lazada Loan Requirements
![Lazada Loans Guide - Lazada Wallet Lazada Loans Guide - Lazada Wallet]()
Applying for a Lazada Loan is easy. All you need is a smartphone and the following requirements.
- One (1) government ID (passport, driver’s license, UMID, etc.)
- Proof of billing (depending on the lender)
- Screenshots of your Lazada account
- A Lazada account with an activated Lazada Wallet
You need to activate your Lazada Wallet because that’s how you’ll collect your loan proceeds after your loan request is approved.
How to Activate Your Lazada Wallet
- Open the Lazada app and login to your account.
- Tap the Wallet icon on the upper right corner.
- Tap the Activate My Wallet button.
- Verify your phone number and tap Send Code.
- Input the OTP you received thru text and tap Verify Mobile Number.
- Once your number is verified, you’ll be redirected to your Lazada Wallet.
Read more: Make Money Online: How to be a Shopee or Lazada Online Seller
How to Apply for Lazada Loans
Once you’re done preparing your requirements, go back to your Lazada Wallet dashboard and tap Loans. You will then be redirected to the Lazada Loans page. From there, choose an accredited lender. Note that each lender offers different loan amounts and some might ask for additional requirements.
Lazada Loan Partners
Pera247
![Lazada Loans Guide - pera247 Lazada Loans Guide - pera247]()
Pera247 is AsiaKredit’s first foray into the country’s online lending industry. They partnered with Lazada late last year in an effort to provide flexible payment options for shoppers without the use of a credit card.
According to CEO Michael Singh[2], their collaboration with Lazada aims “to improve access to finance for millions of under-banked Filipinos left out of the traditional financial system.”
Pera247 Cash Loan Features
- Loan Amount: up to PHP 50,000
- Loan Terms: up to six (6) months
- Interest Rate: 0% until April 30, 2020
Pera247 Cash Loan Application Requirements
- One (1) valid ID
- Screenshot of your Lazada Wallet
- Screenshot of a cash-in request
- Screenshot of the item/s inside your cart
- 20% down payment of the item
Pera247 Cash Loan Application
- From the Lazada Loans page, tap Pera247.
- Input your Lazada mobile number and email address.
- Download the Pera247 app from the link provided via SMS.
- Choose your preferred loan amount and your down payment.
- Submit your application with your valid ID and a selfie.
- Once approved, send the required screenshots.
- Your proceeds will then be credited to your Lazada Wallet.
Atome
![Lazada Loans Guide - atome Lazada Loans Guide - atome]()
Online lending platform Atome first established operations in late 2018. They are registered with the Securities and Exchange Commission (SEC) as NeuronCredit Financing Company, a Singapore-based fintech firm.
Atome Cash Loan Features
- Loan Amount: up to PHP 12,000
- Loan Terms: up to three (3) months
- Interest Rate: 0% until April 30, 2020
Atome Cash Loan Application Requirements
- One (1) valid ID
- Screenshot of your Lazada profile
- Screenshot of your first Lazada order
- Screenshot of your latest Lazada order
Atome Cash Loan Application
- From the Lazada Loans page, tap Atome.
- Create an Atome account by providing your personal details.
- Take a selfie and screenshots of the requirements.
- Choose your preferred loan amount and repayment terms.
- Once approved, your proceeds will be credited to your Lazada Wallet.
Billease
![Lazada Loans Guide - billease Lazada Loans Guide - billease]()
Billease is the newest online installment payment service to partner with Lazada. They operate under fintech company First Digital Finance Corporation.
Billease Cash Loan Features
- Loan Amount: PHP 2,000 to PHP 30,000
- Loan Terms: up to three (3) months
- Interest Rate: 0% until April 30, 2020
Billease Cash Loan Application Requirements
- One (1) valid ID
- Proof of billing
- Proof of income
Billease Cash Loan Application
- From the Lazada Loans page, tap Billease.
- Choose your loan amount and repayment terms before tapping Apply.
- Submit your personal information and upload your requirements.
- Wait for approval. It will take at least one (1) banking day.
- Once approved, your proceeds will be credited to your Lazada Wallet.
Perajet
![Lazada Loans Guide - perajet Lazada Loans Guide - perajet]()
Perajet provides quick cash loans under two minutes, thanks to their innovative financial service backed by specialists from the European financial sector.
Perajet Cash Loan Features
- Loan Amount: PHP 2,000 to PHP 35,000
- Loan Terms: up to six (6) months
- Interest Rate: 0% until April 30, 2020
Perajet Cash Loan Application Requirements
- One (1) valid ID and one (1) secondary ID
- Proof of billing
- Latest payslip
- Screenshot of Lazada checkout cart
Perajet Cash Loan Application
- From the Lazada Loans page, tap Perajet.
- Choose your loan amount and repayment terms before tapping Let’s Start.
- Wait up to two (2) minutes for your pre-approval via email or SMS.
- Once pre-approved, submit the requirements to complete the application.
- Once approved, your proceeds will be credited to your Lazada Wallet.
Pondopeso
![Lazada Loans Guide - pondopeso Lazada Loans Guide - pondopeso]()
Pondopeso prides themselves for being one of the most unique fintech platforms in the country. They aim to provide Filipinos with financial mobility wherever and whenever.
Pondopeso Cash Loan Features
- Loan Amount: up to PHP 40,000
- Loan Terms: up to three (3) months
- Interest Rate: 0% until April 30, 2020
Pondopeso Cash Loan Application Requirements
Pondopeso Cash Loan Application
- From the Lazada Loans page, tap Pondopeso.
- Register by providing your phone number and a password. Tap Register to Apply.
- Download the PondoPeso app from Google Play.
- From the app, submit your application and wait for approval.
- Once approved, your proceeds will be credited to your Lazada Wallet.
Tendopay
![Lazada Loans Guide - tendopay Lazada Loans Guide - tendopay]()
Tendopay aims to provide online shoppers with a convenient installment plan through online vouchers. Note that you should purchase a voucher that’s equal to the amount of the item price. There will be no change provided.
Tendopay Cash Loan Features
- Loan Amount: PHP 6,000 to PHP 30,000
- Loan Terms: up to 24 months
- Interest Rate: 0% until April 30, 2020
Tendopay Cash Loan Application Requirements
- One (1) valid ID
- Proof of billing
- Proof of income
Tendopay Cash Loan Application
- From the Lazada Loans page, tap Tendopay.
- Register by providing your phone number and a password. Tap Create Account.
- Choose your loan amount and repayment terms and wait for approval.
- Once approved, you can purchase vouchers for your purchases.
- Your vouchers will be credited to your Lazada Wallet.
Read more: Online Loans in the Philippines: What Filipinos Need to Know
How to Repay Your Lazada Loan
The loan agreement is exclusive between you and your chosen lender, so you will make the repayments directly to the lender. Most lenders have payment channels, including bank-to-bank transfers and bills payment centers. Make sure you read the loan contract with your respective lender carefully to avoid confusion.
Final Thoughts
There’s no doubt that Lazada has been a huge part of the online shopping culture in the Philippines. That’s why these online loans are beneficial in today’s COVID-19 reality where shopping for necessities has become a massive chore. Take advantage of these Lazada Loans and remember to use your funds wisely. Put your needs first over wants.
Compare Other Personal Loan Options
Below is a list of personal loans in the Philippines and their loan features. Compare your options and apply through Moneymax!
Sources:
Ricky is the zaniest Senior Content Writer at Moneymax, with over five years of writing experience in the digital marketing industry. He is a huge fan of pro wrestling, smartphones, and binge-watching. Follow Ricky on LinkedIn.
You might also want to read:
10 Reasons Why Filipinos Trust Moneymax Philippines
“Helping Filipinos lead healthier financial lives.” For five years and counting, Moneymax stays true to…
Read the Article
10 Advantages of Credit Cards for People Who Are Afraid to Get One
You’ve probably heard horror stories from family and friends about credit cards. Like how fees…
Read the Article
Got Bills to Pay? Here’s Your Guide to Bills Payment Centers in the Philippines
Hate rushing between different banks or offices to pay your bills? Or maybe you loathe…
Read the Article
Credit Card Promos for Online Shopping and Dining in 2021
Make the most of your credit card use this year, especially for your essentials and online shopping! Here’s a roundup of credit card promos in 2021 that offer discounts, rebates, freebies, and other rewarding perks for cardholders in the Philippines.
Read the Article
Honda Car Insurance Prices for Top Models in the Philippines
Wondering how much it will cost you to insure a Honda car? You’ll be glad…
Read the Article