As the pandemic progressed, Filipinos were undoubtedly hooked on e-commerce sites that promised doorstep delivery of your purchases! And no one can dispute the fact that Lazada comes to mind when you think of that particular thing. In addition, they recently added a new credit payment method that is now available within the click of their app.
You may confidently say that you’re familiar with Lazada, but do you really know everything about the app? Don’t worry, we’ll go over everything you need to know about Lazada LazPaylater here.
A brief background
With more than 10,000 third-party sellers, Lazada is a global e-commerce company and one of the biggest in Southeast Asia. LazPayLater, also known as Lazada PayLater, is a credit payment method that enables qualified users to make purchases on the app today and pay for them later.
PROS
- Apply for LazPayLater through the app
Knowing that LazPayLater is legitimate because it is a part of the Lazada app gives customers peace of mind given the company’s reputation. To apply, simply follow these eight steps.
- Go to your LazPayLater application page
- Click Apply Now
- There will be an OTP sent to you, input it and click submit
- Take a photo of your valid ID. You may use your Passport, Driver’s License, UMID (Unified Multi-Purpose Identification) ID, and SSS (Social Security System) ID
- Proceed to take a selfie
- Fill up all the necessary information in the form
- Submit your application
- And wait for the confirmation of your application. It usually shows up on the Wallet Home Page.
Verification can take anywhere from 5 minutes to 24 hours. If approved, a credit limit of up to PHP 15,000 will be given to you.
- Easy LazPayLater
It’s also very simple to use LazPayLater if you want to make a purchase from the Lazada app and pay for it later—just follow these 5 simple steps!
- Choose the item you want to purchase from the Lazada app
- Buy Now/ Add to Cart, then proceed to checkout
- On the checkout page, choose LazPayLater as your payment
- Browse for your desired installment plan
- Choose your preferred installment credit and Confirm Selection
- Fast Repayment process
As easy as it can be used, is how easy it can also be for repaying your credit loans using the app with just 4 steps:
If you prefer to pay over the counter, you can deposit money into your Lazada Wallet at any M Lhuillier branch, 711 Cliqq, or Touchpay kiosk. You can also pay using Maya and GCash if you prefer to use a method other than your Lazada Wallet.
CONS
- You can’t pay with credit/debit cards.
LazPayLater does not accept credit or debit cards for payment of installments. You can add money to your Lazada Wallet or take a few extra steps to link your bank accounts to your Maya or GCash accounts. It can be a hassle, but looking back, we can’t blame them if they’re doing it to encourage people to use their own Lazada Wallet.
- Users do not have the option to request a credit limit increase
You cannot use the app to request an increase in your minimum PHP 15,000 credit limit. Should you be qualified for a credit limit increase, the Lazada app will be the one to notify you via app push notifications.
It can be disappointing, especially if you have your sights set on a more expensive purchase.
- Cant be used for Digital Goods
Even though you can’t use LazPayLater for their digital products like Mobile Load, eVoucher, Gift Cards, etc., the app’s decision to make this limitation is somewhat reasonable.
Being unable to use LazPayLater for purchases of fine jewelry on the app, however, is the real bummer! So, if you’re looking to invest in fine jewelry with simple billing, LazPayLater can’t help you.
OVERALL THOUGHTS
Lazada is an enormous company, and their strategies to achieve so are visible in their Lazada PayLater service. Although they somehow isolate the advantages within the app, they make sure that customers are aware of their safety when transacting with it. For example, the payment methods advertise their Lazada Wallet professionally which is understandable given the need to promote their own asset.
Overall, if you’ve been using Lazada to buy your goods since the pandemic, Lazada Paylater is a great credit method to use because it’s already built into the Lazada app, saving you from having to go through a ton of steps to qualify AND the repayment process is also done through the app.
