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• Lazada Loan: What Online Shoppers Need to Know

Lazada Loan: What Online Shoppers Need to Know

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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.

What are Lazada Loans?

Launched in 2019 during the Lazada 9.9 Sale that year,^[1] 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.

What are the Benefits of Lazada Loans?

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.

1. Easy Application

The entire process happens within the Lazada app. No need to head somewhere to apply and withdraw your proceeds.

2. Low Interest Rate

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%.

3. Fast Approval

Since the process is entirely digital, the approval can be as quick as 5 minutes but certainly not longer than 24 hours.

4. Accredited Lenders

You can apply for more than one loan, thanks to the choices of accredited lenders that partnered with Lazada.

5. Flexible Installment Plan

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.

What are the Disadvantages of Lazada Loans?

1. You May Earn Unnecessary Debts

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.

2. There are Other Fees to Cover

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.

3. It May Affect the Way You Deal with Other Loans

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.

Read more: Tala Loan Application Guide: Everything About Borrowing from Tala Philippines

Lazada Loan Requirements

Applying for a Lazada Loan is easy. Generally, all you need is a smartphone and the following requirements.

• Valid government-issued 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.

How to Apply for a Lazada Loan

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.

Lazada Loan Partners in the Philippines

Billease

Billease is the newest online installment payment service to partner with Lazada. They operate under fintech company First Digital Finance Corporation.

Billease Features

• Loan amount: PHP 2,000 to PHP 40,000
• Loan terms:
  • Two to six months for first-time customers
  • 12 to 24 months for repeat customers

Billease Loan Application Requirements

• One valid ID
• Proof of billing
• Proof of income

Billease Loan Application Steps

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.

Tendopay

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.

Tendopay Features

• Loan amount: PHP 6,000 to PHP 30,000
• Loan terms: up to 24 months
• Interest rate: Starts at 2%. Will depend on the amount and term of the loan.

Tendopay Loan Application Requirements

• One valid ID
• Proof of billing
• Proof of income

Tendopay Loan Application Steps

1. From the Lazada Loans page, tap Tendopay.
2. Register by providing your personal information and contact details. Tap Submit.
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.

UnaPay

Launched by fintech giant Robocash Group in 2020, UnaPay offers buy-now-pay-later plans to online shoppers at Lazada.^[2] This is an ideal option if you’re buying a high-ticket item, since it can lend up to PHP 50,000.

UnaPay Features

• Loan amount: PHP 2,000 to PHP 50,000
• Loan terms: One to six months
• Interest rate: 5%

UnaPay Loan Application Requirements

• One valid ID
• Proof of income

UnaPay Loan Application Steps

1. From the Lazada Loans page, tap UnaPay.
2. Input your loan amount and choose the loan term.
3. Click Request Money.
4. You will be directed to a page where you will need to input your phone number. Provide your phone number, then click Verify.
5. You will then receive an SMS with an activation code.
6. After the verification phase, set your password. Click Next.
7. Provide your personal information. Then, tap Next.
8. Provide your valid ID. You will also be asked to provide a selfie.
9. Confirm your loan amount and term. Then, tap Request Money.
10. Provide your proof and income and tap Send Application.
11. Wait for the confirmation from UnaPay.

Paylater

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.

Paylater Features

• Loan amount: PHP 2,000 to PHP 10,000
• Loan terms: 15 days to two months
• Interest rate: Not indicated. Presumably, between 2% and 5%, based on Lazada Loans’ usual interest rates.

Paylater Loan Application Requirements

Not specified, but prepare the following:

• Valid government-issued ID
• Proof of billing
• Latest payslip

Paylater Loan Application Steps

1. From the Lazada Loans page, tap Paylater.
2. Fill out the initial application form and follow further instructions.
3. Submit the needed information and upload the requirements.
4. Wait for the approval within 24 hours.
5. When your application is approved, your loan will be credited to your Lazada Wallet.

Cashalo

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.^[3] Nevertheless, the application requirement isn’t complicated.

Cashalo Features

• Loan amount: Up to PHP 5,000
• Loan terms: Up to 90 days
• Interest rate: 5%

Cashalo Loan Application Requirements

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.

Cashalo Loan Application Steps

1. From the Lazada Loans page, tap Cashalo.
2. Register your email address and mobile number. Make sure that these details are the same with the ones enrolled in your Lazada account.
3. Download the Cashalo app and log in.
4. Tap Lazada Loan under Pay with Cashalo. Complete your profile.
5. Select your desired loan amount and payment terms.
6. Once your application is approved, the loan proceeds will be credited to your Lazada Wallet.

Read more: Your Easy Guide to BPI Personal Loan Application

InvestEd

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.

InvestEd Features

• Loan amount: Not specified. Presumably, it’s up to PHP 50,000, as currently, none of Lazada’s partners offer higher than it.
• Loan terms: Not specified
• Interest rate: Not specified. Presumably, between 2% and 5%, based on Lazada Loans’ usual interest rates.

InvestEd Loan Application Requirements

Not specified, but we suggest that you prepare the following:

• Documents proving that you’re 18 years old and above (e.g. PSA-certified Birth Certificate)
• Documents proving that you’re enrolled in a college/university/learning institution in the Philippines (e.g. ID, registration form, etc.)
• Documents proving that you’re in the last two years of your schooling (registration form)
• Valid government-issued ID

InvestEd Loan Application Steps

1. From the Lazada Loans page, tap InvestEd.
2. Complete the application form and follow further instructions.
3. Get your loan approved for your chosen online learning gadget from Lazada Mall.

Lazada Loan FAQs

1. Where will I get the cash?

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.

2. Do Lazada Wallet credits expire?

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.

3. How can I repay my 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.

4. My application is denied. Can I apply for a Lazada Loan with another lender?

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.

5. Can I use GCredit as a payment option?

Unfortunately, no. As of this writing, GCredit is not a Lazada Loans partner.^[4]

Read more: Home Credit Cash Loan Application: Its Pros and Cons Plus Useful Tips

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 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.

Compare Other Personal Loan Options

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!

Sources:

• ^[1] ‘Lazada Loans,’ new customer collection points announced in time for annual 9.9 sale (Rappler, 2019)
• ^[2] Introducing New Type of Loans from the Philippines (Robocash Investment Robot Blog, 2021)
• ^[3] Cashalo Lazada Loan page
• ^[4] Where Can I Use GCredit?