Lazada Loans: What Online Shoppers Need to Know

Published: April 17, 2020 | Updated: August 4, 2020 | Posted by: Ricky Publico | Personal Loan


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

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

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

  1. Open the Lazada app and login to your account.
  2. Tap the Wallet icon on the upper right corner.
  3. Tap the Activate My Wallet button.
  4. Verify your phone number and tap Send Code.
  5. Input the OTP you received thru text and tap Verify Mobile Number.
  6. 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

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

  1. From the Lazada Loans page, tap Pera247.
  2. Input your Lazada mobile number and email address.
  3. Download the Pera247 app from the link provided via SMS.
  4. Choose your preferred loan amount and your down payment.
  5. Submit your application with your valid ID and a selfie.
  6. Once approved, send the required screenshots.
  7. Your proceeds will then be credited to your Lazada Wallet.

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

  1. From the Lazada Loans page, tap Atome.
  2. Create an Atome account by providing your personal details.
  3. Take a selfie and screenshots of the requirements.
  4. Choose your preferred loan amount and repayment terms.
  5. Once approved, your proceeds will be credited to your Lazada Wallet.

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

  1. From the Lazada Loans page, tap Billease.
  2. Choose your loan amount and repayment terms before tapping Apply.
  3. Submit your personal information and upload your requirements.
  4. Wait for approval. It will take at least one (1) banking day.
  5. Once approved, your proceeds will be credited to your Lazada Wallet.

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

  1. From the Lazada Loans page, tap Perajet.
  2. Choose your loan amount and repayment terms before tapping Let’s Start.
  3. Wait up to two (2) minutes for your pre-approval via email or SMS.
  4. Once pre-approved, submit the requirements to complete the application.
  5. Once approved, your proceeds will be credited to your Lazada Wallet.

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

  • One (1) valid ID

Pondopeso Cash Loan Application

  1. From the Lazada Loans page, tap Pondopeso.
  2. Register by providing your phone number and a password. Tap Register to Apply.
  3. Download the PondoPeso app from Google Play.
  4. From the app, submit your application and wait for approval.
  5. Once approved, your proceeds will be credited to your Lazada Wallet.

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

  1. From the Lazada Loans page, tap Tendopay.
  2. Register by providing your phone number and a password. Tap Create Account.
  3. Choose your loan amount and repayment terms and wait for approval.
  4. Once approved, you can purchase vouchers for your purchases.
  5. 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.

Lazada Loans Guide - Personal Loan CTA

Sources: