While doing window shopping on my Shoppe app, I saw a new feature, SLoan, which I dug into and found details about.
This is something people in the press might want to use. But just like any other land, the higher the interest, the longer you delay paying, so be sure to be a good payee before activating it or you’ll be inundated with debt!
What is Sloan?
SLoan is a new feature where buyers can get loans quickly. Eligible buyers can get loans of up to Php50,000 in just a few steps.
With SLoan, you can get a competitive 1-5% monthly loan with the option to repay in 2.3 or 6 months. There is also a 1% management fee.
Your credit limit will be based on Shopee’s internal credit assessment criteria.
You will need to activate your SLoan and wait for approval. After successful activation, make sure your ShopeePay is also activated, as funds will be sent and paid through there.
You can request to draw down a loan of at least PHP 1,000 up to your credit limit.
Only buyers 21 and older are eligible for SLoan.
How to activate SLoan:
- Go to the Me tab on your Shopee account and click SLoan.
- Click to activate now
- Enter the one-time password sent to you via SMS
- Upload a valid government ID (valid ID includes UMID, Driver’s License, Passport, People’s Republic of China ID, Postal ID and PhilID)
- Complete the application form with the required details.
- Read and read through the Privacy Policy, then click Confirm and Continue.
- Tap on Face Verification for a biopsy.
- After successfully completing the activity check, you will be notified of approval within 24 hours.
- Once approved, you will receive a notification that you have successfully activated your SLoan.
How to pay your SLoan:
- You can pay with your ShopeePay account.
- You can pay via the SLoan tab and choose your payment method. ShopeePay wallet, online payment channel or over the counter.
- The late payment penalty is 5% per month and applies to the total outstanding late payment and interest.
- If you pay late, you will not be able to apply for or withdraw any loan on the platform, such as spray later
- To pay, click on our SLoan homepage and check your outstanding balance, then click Pay Now!
How do I get a loan from Sloan?
- Go to the Me tab on your Shopee account and click on SLoan
- Click to log out now
- Enter the loan amount, select the term, and click Withdraw Now.
- Enter your ShopeePay PIN
- You will receive confirmation of successful loan withdrawal. The loan will be paid into your ShopeePay account.
The SLoan feature is currently only available for some users, but make sure to update your app, it will roll out to other users soon.
check your Shopee app now See if you’re one of the few currently selected to try it!
Should I activate or not! Alluring! ! !
