More than two years ago, Shopee introduced “SPayLater“, which is a Buy Now Pay Later (BNPL) feature that allow users to buy what they want now and pay for it at a later date. Now, the big e-commerce company has decided to venture into money lending with “SLoan”. They are already doing this in Indonesia (SPinjam), Thailand (SEasyCash) and in the Philippines.
According to Shopee’s SLoan FAQ, users will be able to receive their loan from Shopee immediately if the loan goes to ShopeePay Wallet. But withdrawal to a bank account will take one working day. For the first withdrawal, users must borrow at least RM1,000 while subsequent withdrawals have to be in multiples of RM100.
The users have the option to repay the withdrawal amount over a tenure of three, six or 12 months for the relevant withdrawal amount. According to the screenshots, it seems the maximum limit a user can borrow is RM100,000.
Of course, there will be fees as well. Here are the fees that Shopee will the charge the users for withdrawals, interest rate and late payment penalty.
For the time being, Shopee Malaysia is only offering the SLoan service to a small group of users. If you are selected, you can find the feature in your profile in the Shopee’s app, under the My Wallet section. Be sure to read all the SLoan FAQ properly before proceeding with the loans.