With the nation’s ongoing rise in inflation, some Filipinos may inevitably need to look elsewhere for easier billing. Billease, a financing company you may be familiar with due to partnerships with Lazada and Kimstore, has grown in popularity among users, particularly on social media platforms, and has even been dubbed the “Best legit online loan app.”
We salute you for being the type to do research on something before committing, and don’t worry—we’ve got your back! We’ll be breaking down all there is to know about Billease in this article.
A Brief Background
BillEase is marketed as a hassle-free online shopping partner that enables you to shop now and pay later. You only need to fill out an application and wait for the approval. A first credit limit will be established after approval and can be used to make purchases from their 3,000+ merchant partners.
It is owned by First Digital Finance Corporation and is regulated by Securities and Exchange Commission as a financing company and by the Bangko Sentral ng Pilipinas as Operator of Payment System.
PROS
- Easy Application, Fast Approval
Without a doubt, you can easily register for an account and begin your loaning process by downloading their app from the Apple App Store or Google Play Store. A first credit limit will be established after approval and can be used to make purchases from their 3,000+ merchant partners.
The application only need to meet the following requirements:
- 1 valid ID
- Proof of Income
- Proof of Billing
Depending on the documents you submit, approval may come right away or take up to a day. Submission of thorough, clear documents and legitimate IDs is crucial. Just be sure to submit it online before 6:00 PM, as any applications received after that time will be considered to have been submitted the following day.
On Tuesday, all applications received after 8:00 AM on a Sunday will be processed along with all applications received on Monday.
Freelancers are welcome to apply, as long as they meet the requirements, including a source of income (such as PayPal transaction history, Upwork Certificate of Employment, bank transaction history, etc.) as part of the application process.
- 4 ways to pay!
Billease takes the liberty to e-mail you a few days before your due date. Here are 4 ways to pay for your BillEase installment:
- Direct Transfer to Coins.ph
- Pay via GCash
- Linking your Online Bank Account
- Bank Transfers
For more details on the ways to pay, click here: https://billease.ph/faq/
- Legit and many partners
Lazada, an enormous e-commerce platform that has unquestionably been a go-to for Filipinos to buy their online necessities, is one of Billease’s more than 3,000+ merchant partners. Large international brands like ALDO and Havaianas are also included.
To see more of their merchants, check the list here: https://billease.ph/shops
- Lowest Interest
Compared to other online loaning apps, Billease is promoted as having the lowest interest rates. They have a monthly interest rate of just 3.49%, which is incredibly low for a lending app.
- Flexible Credit Line
With a credit limit of up to PHP 40,000, Billease enables you to purchase even high-end laptops online. Customers can even apply for this 40k credit line with options for 30- or 12-month payback periods.
CONS
- No income. No application
Unfortunately, obtaining loans through Billease on your own would not be possible if you are a student without a source of income. A stable income and being at least 18 years old are requirements for Billease. This is because they need your most recent proof of income, billing proof, and one legitimate government ID to verify the information.
- Not always guaranteed to approval
Billease guarantees a 70% approval rate to get approved on the spot; otherwise, it takes one banking day, which is quite unfair if you are among the 30% of customers who has to wonder why you’re not approved right away.
- Up to only 10,000 credit limit
You are not immediately given the ₱40k credit limit. You must meet BillEase’s minimum credit requirements in order to receive an initial credit limit that ranges from ₱2,000 to ₱10,000. You will only be eligible for the ₱40k if you use BillEase with every purchase and make timely payments.
- Penalty PER DAY
Although Billease is simple and quick, you should be aware of the daily penalties they impose. Customers can still pay their installment without penalty after two (2) days. On the 3rd day, however, a Php 50 per day penalty will be imposed on missed payments. If there is a payment delay as described in the Disclosure Statement. (PNDS).
OVERALL THOUGHTS
Does Billease truly offer “Blissful Shopping, Easy Billing”? Well, IF you’re someone who has a steady income and a reason to make online purchases in instalments, then yes, it is true. But Billease isn’t the app to use if you’re looking for a lending service that can provide you with student-friendly purchases.
The benefits and drawbacks of Billease balance one another out; the quick application process is always subject to your compliance with the requirements. It is unfortunate if you are a student and need a loan from Billease but don’t have any proof of income or have to hide a purchase from your parents.
Overall, Billease has every right to protect their own assets as well so it can be fair to say that Billease’s pros and cons balances out perfectly.
