Checking out the items on your Shopee cart has never been this easier, thanks to the new SLoan only in Shopee! Here’s everything you need to know about the loan feature of Shopee and how you can avail of it yourself:
What Exactly Is Shopee’s Sloan?
SLoan is a new feature where you can get fast and accessible cash loans. Eligible Shopee buyers can get access to loans at competitive interest rates, with flexible options to repay in 2, 3, or 6 months (6 months available to selected users only). If you are eligible you may get up to 50,000 PHP credits at an interest rate of as low as 1-5% upon activation and as well as the use of your own credit flexibly at will.
Where can I use the SLoan?
By availing of the loan, you may use the money anytime and use it anywhere including the following:
- All Shopee in-app purchases
- Online merchants that accept ShopeePay
- Offline merchants that accept ShopeePay
- All other cash payments
How Can I Avail Myself Of Shopee’s Sloan?
To get approved you may follow the mentioned steps:
- First, make sure that your ShopeePay account is activated because your loan will be disbursed in your ShopeePay wallet.
- You may open your Shopee app, then go to the Me tab and click Activate Now.
- You will be asked to enter the OTP sent via SMS.
- Upload a valid government ID. Types of Government ID accepted are:
- Make sure that the details are clear and that the ID is well captured in the frame of the photo.
- Fill out the application form.
- Make sure that the details match the ID given.
- Read through the Loan Summars, Privacy Policy, and Terms & Conditions.
- Start Facial Verification.
- Wait for the notification of your approval within 24 hours.
What Is The Process Of Withdrawing The Approved Loan?
You can withdraw from 10,000PHP up to 50,000 PHP from your credit limit in a day. Follow these steps to withdraw a loan from SLoan:
- Go to Shopee App and click Me Tab, then SLoan and click Withdraw Now.
- Input loan amount, select tenure, and tap Withdraw Now.
- Enter ShopeePay PIN
- You will receive a confirmation, and it will be disbursed to your ShopeePay account.
You may only withdraw if you don’t have an outstanding overdue amount in one or more credit facilities and if your ShopeePay wallet balance isn’t going over 50,000 PHP.
How Can I Repay My Shopee Sloan?
The process of repaying SLoans is very fast and convenient because of the many payment channels of Shopee, including:
- ShopeePay Wallet
- Payment Centers/e-Wallets
- Online Payment Channels
- Over-the-Counter Channels
You may tap SLoan on your Shopee app and click Pay Now to view all payment options and tap Pay to confirm repayment.
What happens when I can’t pay my SLoan Bills?
You can make full repayment of your monthly Sloan bill on the due date, or before they are due with no early repayment penalty. But, if you are unable to repay on or before the due date, the loan installment will become overdue and a monthly late charge of 5% will be applied to the overdue amount. Furthermore, you will not be able to withdraw another loan, and will not be able to activate an account in other credit facilities such as SPayLater.
Still, Have More Questions?
If you have more questions or concerns, kindly contact Shopee’s Customer Service through the Shopee App. You may also call the Shopee Customer Service at (02) 8880-5200 or send them an email at help@support.shopee.ph.
