No budget? No credit card? Are you a little short for your budol? Shopee has an answer for you.

Shopee is the largest online marketplace in the Philippines is now offering SPayLater so you can enjoy their buy now, pay later in your Shopee purchase. You can check out the product and pay it next month to make it flexible in your budget.

What is SPaylater?

SPaylater is a feature of Shopee that offers “buy now, pay later” or installment loan for qualified users in purchasing products using Shopee.  

Who are eligible for SPayLater?

SPayLater is currently only available to select Shopee users who are at least 21 years old and have valid IDs.

Valid IDs that are accepted by SPayLater are:

• Unified Multi-Purpose ID (UMID)
• Driver’s License
• Passport
• Postal ID
• PRC ID
• National ID

SPaylater Processing Fee, Interest, Late Payment Fee

Processing Fee	Interest	Late Payment Fee
0-2% of the total amount	1 – 5% per month of the total order amount	2.5 – 5% per month of the outstanding balance

The interest rate is based on your personal credit profile.

What’s my credit limit?

The available credit limit granted is subject to the discretion of Shopee and is based on your spending history. Shopee may also review your SPayLater account from time to time and adjust (increase or decrease) your credit limit periodically.

How to Activate SPayLater in Shopee

1. On the home screen select Me tab, select SPayLater and Activate Now

2. Enter the One-Time Password sent to your registered mobile number

3. Start the activation process by uploading your valid government-issued ID, filling out SPayLater and other required information, and lastly facial verification.

4. You will receive a prompt message that you have successfully activated your SpayLater showing your credit limit and you can select your due date.

To know more about SPayLater, you can log in to your Shopee account or you may also call the customer service hotline (02) 8880-5200.

Seabank is the newest addition to digital banks in the country. If you want your money to earn a 4% – 6% interest rate compared to a traditional bank that only offers 0.75% – 1% interest rate.

According to their website “SeaBank is a mobile banking application for your daily financial needs. Earn more interest daily with attractive interest rates, while enjoying seamless transactions on your mobile phone anytime, anywhere.”

They currently offer 6% p.a. Interest Rate (starting June 1, 2022 to September 30, 2022) at no minimum balance, no deposit cap, and no lock-in period. It took me only 10 minutes to open an account with SeaBank.

Requirements for SeaBank Account

• Phone number or verified Shopee Account
• Valid government ID
• Email address

Valid ID that are accepted by SeaBank

Steps to Open an Account at Seabank

1. You can register using a mobile number or a verified Shopee account.
2. If you use a phone number, enter the mobile number and One-Time Password.

3. If you use a verified Shopee account it will ask for permission to connect SeaBank with your account.

4. Start the registration process by undergoing the following:

5. Facial Verification

6. Upload your valid government-issued ID

If you have uploaded one of the following: Passport, SSS ID, PRC ID. You will need to present a Proof of Residential Address.

7. Fill out your personal details.

8. Next is review and agree with the Terms and Conditions and set up 6 digit PIN.

9. You have successfully opened an account for SeaBank. You need to wait for 1 working day for them to verify your account.

REVIEW OF SeaBank

PROS

For more information about SeaBank, you check their website’s FAQ or you can contact them thru their customer service hotline and email address

• (+632) 8891 7927 (Local Hotline)
• 1800-1-110-2957 (Local Toll-Free for PLDT Landline and Smart Mobile)
• [email protected]