SHOPEE Loan Review Philippines (2024)

Shopee, the popular e-commerce platform in Southeast Asia, has expanded its services to include financial products like Shopee Loan. This review dives deep into Shopee Loan in the Philippines, analyzing its features, pros and cons, eligibility criteria, and the application process.

What is Shopee Loan?

Shopee Loan is a cash loan service offered by Shopee Philippines. It allows eligible users to borrow money directly through the Shopee app and have it credited to their ShopeePay wallet. This loan can then be used for various purposes, including online purchases, bills payment, or emergencies.

Shopee Loan Review Philippines

Key Features:

• Fast and Convenient: Apply for a loan directly within the Shopee app, with potential for quick approval.
• Paperless: No need for physical documents; verification happens electronically.
• Flexible Loan Amounts: Borrow between ₱2,500 and ₱50,000 depending on your creditworthiness.
• Loan Terms: Choose a repayment term of 1, 3, 6, or 12 months.
• 0% Interest on First Loan: Enjoy an interest-free loan for your initial borrowing.

Pros:

• Easy access to cash: Great for emergencies or unexpected expenses.
• Convenient application process: Apply anytime, anywhere through the Shopee app.
• Transparent fees: Clear information on interest rates and other charges.
• Flexible repayment terms: Choose a repayment plan that fits your budget.

Cons:

• High-Interest Rates: Interest rates can be relatively high compared to traditional banks, especially after the first loan.
• Risk of Debt: Easy access to credit can lead to overspending and debt accumulation.
• Harassment Concerns: Some users have reported aggressive collection practices from third-party agencies.

Shopee Loan complaints harassment Philippines:

While Shopee offers a convenient loan service, some customers have raised concerns about aggressive collection tactics by third-party agencies hired for late payments. It’s crucial to borrow responsibly and understand the consequences of late payments before applying.

Is Shopee loan Legit?

Yes, Shopee Loan is a legitimate financial service offered by Shopee Philippines in partnership with licensed lenders. However, it’s important to be aware of the loan terms and conditions before applying.

Who Should Consider Shopee Loan?

Shopee Loan might be suitable for:

• Individuals with a good credit history looking for a small, short-term loan.
• People needing quick cash for emergencies and have a clear repayment plan.
• Shopee users who want a convenient way to access additional funds for purchases within the platform.

Shopee Loan Interest Rate

The interest rate for Shopee Loan can vary depending on the loan amount, term, and your creditworthiness. However, you can expect an interest rate between 2.5% to 6% per month. It’s important to note that the 0% interest rate only applies to the first loan.

Shopee credit limit Philippines

Your Shopee Loan credit limit will depend on your individual credit history and other factors assessed by Shopee’s partner lenders. The maximum credit limit offered is currently at ₱50,000.

How to Apply for Shopee Loan

Eligibility Requirements:

• Must be at least 18 years old and a Philippine citizen.
• Have a valid government-issued ID.
• Possess a good credit history (may vary depending on the lender).
• Be an active Shopee user with a verified ShopeePay account.

Step-by-Step Application Guide:

1. Download the Shopee App: If you haven’t already, download and install the Shopee app on your smartphone.
2. Create an Account (if you haven’t already): Register for a Shopee account if you’re a new user.
3. Go to the Finance Section: Within the Shopee app, locate the “Finance” section. This might be under the “Me” tab or displayed on the main page.
4. Find Shopee Loan: Look for the “SLoan” option within the Finance section.
5. Check Eligibility: Review the eligibility requirements and assess if you meet them before proceeding.
6. Apply for Loan: Click “Apply Now” and fill out the application form with your personal and financial information.
7. Submit Application: Once completed, review your details and submit the application form.
8. Wait for Approval: Shopee will review your application and notify you of the decision within minutes.

Required Documentation

• Primary: A valid government-issued ID is mandatory.
• Possible: Proof of income such as payslips, bank statements, or business registration for the self-employed.

Frequently Asked Questions

Is shopee loan safe?

Shopee Loan is a legitimate service regulated by the SEC. However, always practice caution and thoroughly understand the risks of any loan before borrowing.

Why i don’t have Shopee loan?

There could be several reasons why you don’t see the Shopee Loan option in your app:

• Age restriction: You must be at least 18 years old to be eligible.
• Citizenship requirement: Shopee Loan is currently only available for Philippine residents.
• Account activity: Shopee may consider your activity level on the platform. Active users with a good track record are more likely to be pre-qualified.
• Creditworthiness: Shopee might assess various factors to determine eligibility, including your credit history and financial stability.

Can i transfer Shopee loan to Gcash?

As of now, there is no official way to directly transfer a Shopee Loan to your GCash wallet. Shopee might offer such functionalities in the future, but currently, the loan amount is credited to your ShopeePay wallet.

Can i pay shopee loan using credit card?

Currently, Shopee doesn’t allow using credit cards to repay Shopee Loan. The available payment methods include ShopeePay wallet, bank transfer, and over-the-counter payments.

Does Shopee loan increase credit limit?

Using and responsibly repaying a Shopee Loan may positively impact your creditworthiness within the Shopee platform. This could potentially lead to an increased credit limit for future loan applications. However, it’s important to note that Shopee Loan activity might not directly translate to improvements in your overall credit score reported by credit bureaus.

Conclusion

Shopee Loan offers a convenient way to access quick cash for various needs. However, it’s crucial to understand the interest rates, fees, and potential risks involved. Always borrow responsibly, only what you can afford to repay on time. Consider alternative financing options like traditional bank loans or credit unions if you require larger amounts or lower interest rates.