What is Shopee SLoan?
SLoan is a new financial product from Shopee. SLoan is a cash credit or short-term loan for eligible Shopee users. It is different from Shopee SPayLater which you can use to buy and pay items in installment. SLoans will be credited to Shoppe Pay wallet where it can be used for buying items, or cashing out to bank account.
Shopee Pay wallet must be active and verified before Sloan activation. This is the cash disbursement account and also used for repayment.
You can find SLoan under the Finance section of Shopee app. Here you can do Sloan activation, loan application, withdrawal and repayment.
The minimum loanable amount is 2,500 or up to 50,000 based on an approved credit limit. Each loan has a 1-5% monthly interest rate. The loan can be paid in 2, 3, 6 and 12-month installments. There is an admin fee of 0-1% and an optional 0.2% loan protection fee. The Loan Protection fee is used for late fee waiver and credit protection insurance.
You will receive a total amount minus the admin fee and loan protection fee. Here’s a sample computation of P3,000.00 loan with 2 months tenure.
Shopee SLoan eligibility and activation process
You will get a notification from Shopee app about SLoan activation if you are qualified and eligible. You are likely to get approval if you use the SPayLater and pay on time. Activate and verify your Shopee Pay wallet. Cash in your wallet and use it more frequently in buying items or paying bills.
To activate SLoan, tap Finance > select SLoan then tap Activate Now. Alternatively, Go to Me > tap SLoan under My Wallet> tap Activate now.
Enter the OTP or SMS verification code sent to you then tap Next.
Select ID type, then upload your valid ID photo. Valid IDs are Philippine Passport, National ID, UMID, Driver’s License, Postal ID and PRC ID.
Complete additional tasks like uploading residential address, link Facebook account or upload proof of income to increase the approved credit limit. Tap Next to continue.
You will now undergo a facial verification, get ready and tap Start Facial Verification. After that, you will receive a notification if approved or declined within 24 hours.
Read Next: Palawan Pay app
How to withdraw a loan from Sloan?
Upon activation of your SLoan account, you are now eligible to make a withdrawal. You will see the available credit limit, Repayment Status and list of Current Loans from SLoan page. The minimum loanable amount is 2,500 and maximum of 50,000.00 depending on your credit limit.
To withdraw a loan, tap Finance > SLoan > Withdraw Loan or Me then tap SLoan under My wallet > Withdraw Loan.
Input the loan amount, Select the Tenure or the duration for which you will be paying the loan. Tenure options are 2 months, 3 months, six months and 12 months.
You may be interested in Loan protection, tick the box to add it.
Review your loan details, the amount you have requested will be deducted with 0-1% Admin fee. It will also show you the monthly repayment amount. If you agreed, tap Withdraw Now to proceed.
You will receive a notification if approved or declined within minutes. If approved, it will be credited to your Shopee Pay wallet. If your withdrawal is declined, it may be due to outstanding unpaid SPaylater transactions. Kindly settle SPayLater obligations and try again.
How to pay a loan in Shopee SLoan?
You have done the SLoan withdrawal successfully, now it’s time to pay the first month. Ensure that you have enough balance in your Shopee Pay wallet. You need to pay on or before the due date to avoid penalties.
To pay a loan, Go to SLoan > under Current Loans, select which loan you are going to pay. It will show you the loan details.
Tap Pay Loan, there will be a series of loan months. Select the earliest month to pay, Tap Pay to complete.
Paying with Shopee Pay wallet will be posted in real time.
The Penalty for Late Charge or repayment is 5% of the total outstanding loan amount as a monthly rate.