Published: August 24, 2021 | Updated: September 2, 2021 | Posted by: Ricky Publico | Personal Loan
Online shopping has never been this essential lately, and it’s safe to say that Lazada provided a convenient platform for Filipinos to shop for their needs. Another great deal of help the e-commerce site is providing is its newest Lazada Loans feature, where shoppers can apply for a short-term loan for Lazada purchases. Here’s a Lazada Loan guide to help you understand further.
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Launched in 2019 during the Lazada 9.9 Sale that year, Lazada Loans provide 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.
A Lazada Loan 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.
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.
The entire process happens within the Lazada app. No need to head somewhere to apply and withdraw your proceeds.
Lazada has installment partners that offer a 0% interest loan for first-time lenders. Succeeding loans, on the other hand, will be subject to normal interest rates, which are usually from 2% to 5%.
Since the process is entirely digital, the approval can be as quick as 5 minutes but certainly not longer than 24 hours.
You can apply for more than one loan, thanks to the choices of accredited lenders that partnered with Lazada.
You can choose an installment plan of up to 24 months. However, there may be some conditions involved. For instance, Lazada has one partner that offers the 12-month or 24-month payment terms only to repeat customers.
The allure of online shopping is irresistible. Combine deals and discounts with a high credit, and you’ll be well on your way to accumulating overwhelming debts. The only thing that can help you deal with it is self-control.
While some interest rates may be considerably low, you’ll still find yourself covering the processing fees. You must also watch out for penalties. We recommend that you ask your lender about these.
The money that could have gone to your house mortgage and other financial obligations will have to be put toward your online shopping loans. This is a likely scenario if you have applied for multiple Lazada Loans.
Applying for a Lazada Loan is easy. Generally, all you need is a smartphone and the following requirements.
You need to activate your Lazada Wallet because that’s how you’ll collect your loan proceeds after your loan request is approved.
Once you’re done preparing your requirements, go back to your Lazada Wallet dashboard and tap Loans. You’ll 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.
Billease is the newest online installment payment service to partner with Lazada. They operate under fintech company First Digital Finance Corporation.
Tendopay provides 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.
Launched by fintech giant Robocash Group in 2020, UnaPay offers buy-now-pay-later plans to online shoppers at Lazada. This is an ideal option if you’re buying a high-ticket item, since it can lend up to PHP 50,000.
Paylater is an online personal facility that offers Lazada e-Wallet credits. Compared with other Lazada loans in this article, Paylater’s loan amount is not that big. However, this is ideal for people who only need a small amount of money to finance their purchases.
Not specified, but prepare the following:
Cashalo is undoubtedly one of the most popular players in the Buy Now, Pay Later industry. If you’re keeping yourself from borrowing a large amount of money, this is the best option for you. This is because this loan will only allow you to fund your Lazada Wallet with up to PHP 5,000. Nevertheless, the application requirement isn’t complicated.
The only requirement that Cashalo will ask from you is to complete your user profile in the Cashalo app. While you’re at it, make sure that the email address and mobile address match the ones you registered with Lazada.
This pandemic, studying and collaborating are taken online. If you’re a student, you know too well how important having a computer is. InvestED has partnered with Lazada to launch a gadget loan program. Through this Lazada Loan, you can buy a laptop, tablet, smartphone, and other items that will help you get through your online classes.
Not specified, but we suggest that you prepare the following:
Remember that Lazada Loans aren’t cash loans. The proceeds of the loan come in the form of Lazada Wallet credits, which ensure that the money can only be spent on Lazada purchases. So, beware of agents calling or messaging you that you can pick up your loan proceeds in person.
Lazada Wallet credits from a Lazada Loan don’t expire, meaning you can shop whenever you feel like it. However, keep in mind that even if you don’t use your Lazada Wallet credits, you’ll still have to repay the 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.
Yes! Lazada allows borrowers to apply with another lender if their first choice doesn’t approve their application. You can even apply for multiple loans with different lenders in case you need a higher amount.
Unfortunately, no. As of this writing, GCredit is not a Lazada Loans partner.
There’s no doubt that Lazada has been a huge part of the online shopping culture in the Philippines. That’s why these buy now, pay later loans are beneficial in today’s COVID-19 reality where shopping for necessities has become a massive chore. Take advantage of any Lazada Loan and remember to use your funds wisely. Put your needs first over wants.
Looking for a cash loan that will supplement the payment for your online purchases? Take a look at this list of personal loans in the Philippines and their features. Compare your options and apply through Moneymax today!
|Personal Loan Provider||Features|
|Citibank Personal Loan|| |
|EasyRFC Multi-Purpose Loan|| |
|SB Finance Personal Loan|| |
|TALA Personal Loan|| |
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.