While window shopping at my Shoppe app, I saw a new feature SLoan, I dug deeper into it and found details about it.
This is something people who are tight with funds might be tempted to use. But just like any other loans the interest goes higher the more you delay payment so be sure to be a good payee before activating it or you will drown in debts!
What is Sloan?
SLoan is a new feature where buyers can get fast accessible loans. It only takes a few steps for eligible buyers to get up to Php50,000 in loans.
Through SLoan you can access a loan that has a competitive interest rate of 1-5% per month with options to repay in 2,3 or 6 months. There is also a 1% admin fee.
Your credit limit will be based on Shopee’s internal credit assessment criteria.
You will need to activate your SLoan and wait for the approval. After successful activation make sure that your ShopeePay is also activated as the funds will be sent and paid through there.
You can request a loan withdrawal with a minimum of Php1,000 and the maximum will be the amount of your credit limit.
Only buyers 21 years old and above can be eligible for SLoan.
How to Activate SLoan:
- Go to the Me tab on your Shopee Account and click SLoan.
- Tap activate now
- Enter the OTP sent to you via SMS
- Upload a valid government ID (valid ID includes UMID, Drivers License, Passport,PRC ID, Postal ID, and PhilID)
- Fill out the application form with the required details.
- Tap Facial Verification to undergo the liveness check.
- After successful completion of the liveness check, you will be notified of your approval within 24 hours.
- Once approved you will receive a notification that you have successfully activated your SLoan.
How to Pay your SLoan:
- You can pay using your ShopeePay account.
- You can pay through the SLoan tab and select payment options. Either ShopeePay wallet, Online Payment Channels, or over the counter.
- The penalty for late repayment is 5% monthly and is applied to the total outstanding overdue amount and interest.
- If you have delayed payments you can’t apply or withdraw any loan at the platform like SpayLater
- To pay click on our SLoan main page and check the outstanding balance and tap Pay Now!
How to withdraw a loan from Sloan?
- Go to your Me tab on your Shopee account and click SLoan
- Tap withdraw now
- Input loan amount, select tenure, and tap withdraw now.
- Enter your ShopeePay PIN
- You will receive a confirmation for a successful loan withdrawal. The loan will be disbursed to your ShopeePay account.
SLoan feature is currently available to select users only for the moment but make sure to update your app and the feature will roll out to the rest of the users soon.
Check your Shopee app now and see if you are one of the selected few to try it at the moment !
Should I activate or not ! Tempting !!!
A lot were asking a out this and so I went in the trouble of activating my SLoan to find out for myself.
How much is the interest for the SLoan?.
Interest rate for an SLoan is 4.95% a month. They also charge an admin fee of 1% for every loan requested/ or loan withdrawal .
For example, if you request a loan amount of ₱12,500 , they will take an admin fee of ₱125 . So the total amount you will receive for this is ₱12,375 only.
If you plant to pay the loan on a 6 months monthly installment , you will be paying ₱2,702.08 every month for 6 months as you will be paying an interest of 4.95% a month .
Sample computation for a ₱12,500 loan from SLoan with a 6 months installment :
I don’t know how much are the interest rates in other lending or loan services but if a 4.95% is something you can deal with every month and you are right in money then maybe you can consider this.
But, if you don’t need the money and will just use for unimportant things then skip the loan.