Live the Best Life You Can!
With online shopping recently developing in the Philippines, people have been demanding more and more material goods. Of course, not everyone can buy them, so Lazada is offering a short-term loan where shoppers can borrow money to buy more!
Shop Now, Pay Later with Easy Installment Plans by Lazada!
Lazada Loans have joined forces with mobile lenders to make borrowing money easier! The loans don’t have the harsh requirements of a credit card, and it is easier to apply for!
What is Lazada Loans?
Photo image：Lazada
- It is a loan system with easy installment plans, and you can apply for the loan directly through the official website or app.
- Same-day transaction, so you can use the loan to buy items from Lazada or even pay your bills!
Benefits of Lazada Loans
With a lending limit of PHP 50,000, you can fund your shopping sprees!
- Easy to Apply for: The process is completed within the app, so no need to go in person and apply!
- Interest rates are low: Currently, the rate is 3.98%, but with a special promotion it is currently at 0%!
- Quick and Easy Approval: The digitalized process is completed within 24 hours guaranteed! Quick loans are processed within 5 minutes.
- Multiple Lenders, who are verified: You can apply for more than 1 loan at once, since Lazada Loans has multiple venders available.
- Installment Plans are Adjustable: Choose an installment plan of up to 6 months!
How to Apply For Lazada Loans
Applying for Lazada Loans is easy as 1-2-3! All you need is a mobile phone and the following:
- One Government Issued ID (i.e. Passport, Driver’s License, UMID, etc.)
- Proof of Billing
- Screenshots of your Lazada Account
- A Lazada Account with an Activated Lazada Wallet
How to Activate Your Lazada Wallet
You need to activate your Lazada Wallet to collect your loan after the loan request has been approved.
- Open the Lazada App and Login
- Tap on the Wallet Icon in the top right corner
- Tap the “Activate My Wallet” Button
- Verify your phone number and tap “Send Code”
- Input the One Time Password sent to your phone via SMS and tap “Verify Mobile Number”
- Once it’s verified, you’ll see your wallet on the screen!
Once you’re done, you can start applying for loans from the various lenders that are available on the app! But you need to be careful because various lenders have different requirements and conditions for loans.
Current Lazada Loan Partners
As mentioned before, there are multiple lenders that are available to Lazada Loan users. Here are the Loan partners available to the users
Pera 247
Pera247 is one of the oldest lending companies in the Philippines. They partnered with Lazada to provide flexible payment options for shoppers.
Loan Conditions
- Loan Amount: Up to PHP 50,000
- Loan Terms: Up to 6 months
Cash Loan Requirements
- One Valid Government Issued ID
- Screenshot of your Lazada Wallet
- Screenshot of a Cash-in Request
- Screenshot of the item inside your cart
- 20% down payment of the item
Atome
A recent lending platform, established in late 2018. They are registered with the Securities and Exchange Commission as a Singapore-based fintech firm.
Loan Conditions
- Loan Amount: Up to PHP 12,000
- Loan Terms: up to three months
Cash Loan Requirements
- One Valid Government Issued ID
- Screenshot of your Lazada Profile
- Screenshot of your first Lazada order
- Screenshot of your latest Lazada order
Billease
Billease is a company that recently partnered with Lazada.
Loan Conditions
- Loan Amount: PHP 2,000 ~ 30,000
- Loan Terms: up to three months
Cash Loan Requirements
- One Valid Government Issued ID
- Proof of Billing
- Proof of Income
Perajet
Parajet is the quickest lender, since their innovative financial services are back by specialists from the European financial sector. They provide loans in under 2 minutes
Loan Conditions
- Loan Amount: PHP 2,000 ~ 35,000
- Loan Terms: up to six months
Cash Loan Requirements
- One Valid Government Issued ID and one secondary ID
- Proof of Billing
- Latest Payslip
- Screenshot of Lazada Checkout Cart
Pondopeso
They pride themselves on being able to provide Filipinos with financial mobility wherever and whenever. They are also one of the most unique fintech platforms in the country.
Loan Conditions
- Loan Amount: up to PHP 40,000
- Loan Terms: up to three months
Cash Loan Requirements
- One Valid Government Issued ID
Tendopay
Unlike other lenders, Tendopay uses online vouchers to provide their loans. You need to purchase the right amount for the item price, or else you will not receive change.
Loan Conditions
- Loan Amount: PHP 6,000 ~ 30,000
- Loan Terms: up to 24 months
Cash Loan Requirements
- One Valid Government Issued ID and one secondary ID
- Proof of Billing
- Proof of Income
How to Repay your Loan
The loan agreement is made between you and the lender, so you will most likely pay back the lender via bank transfers or bill payment centers. Make sure you check the contract with the lender to avoid missing payments.
Final Remarks
With the Corona Virus restricting movement within the country and affecting shopping culture, there’s no doubt that Lazada is a very important step to saving the economy. Take advantage of the loans, and be sure to collect necessities first.
