UnaPay: Your Latest Lazada Shopping Partner

How do you usually pay for your purchases? Ideally, all items must be paid in cash so you don’t have to worry about interest rate. For big purchases like appliances, credit card is advisable so you don’t need to bring cold cash upon purchase. Just make sure you can pay for your bill on time otherwise, you will be charged with interest rate every month.

What if you need a certain item but you only have limited cash and doesn’t own a credit card?

The Buy Now, Pay Later scheme will help. BillEase and TendoPay may hold the crown but there’s also a new player in town: UnaPay. 

All About UnaPay

UnaPay is a product of Digido Finance Corporation, a duly registered corporation that is registered to operate as a financing company as recognized by the Securities and Exchange Commission. Despite being new, the company uses state-of-the-art data encryption to ensure that customer’s information are safe.

Your latest online and hassle-free shopping partner allows you to shop now and pay for your purchases later so you could fully maximize your money. Loan application is also easy and convenient. Upon approval, the amount will be credited to your Lazada wallet.

Loan features include:

  • Loan amount between P2,000 and P30,000. This can be increased depending on the frequency of your loan application and payment behavior.
  • Interest rate of 5 percent per month
  • Bi-monthly payment
  • Installment term of one to six months
  • No hidden fees like Registration Fee, Processing Fee, Maintenance Fee, Service Fee, or Prepayment Penalty Fee
  • Penalty charge of 10% per month or 0.33 percent per day for unpaid and demandable installment payment
  • P800 Late Payment Fee IF charges are not settled on the due date
  • Online (through payment partner banks) and offline (7-11, Cebuana, LBC, Bayad Center, SM Bills Payment) payment channels are available
  • Email reminders prior to due date of your loan

As of this writing, they recently partnered with Lazada for the BNPL scheme. Per UnaPay website, they are working on adding more merchants in their list.

Since they are also new in the market, you can only apply for a loan through their website. iOS and Android mobile applications will be available soon.

How To Apply For UnaPay Loan:

  1. Fill out the online application form by accessing UnaPay website. You can also click this link to access the online form. You can also apply through the Lazada Loan page, which you can access here.
  2. Configure your loan application according to your preferred loan amount and loan term. As you navigate the button, you will see the installment amount you have to pay every month. Once you decided on the amount and loan term, click Request Money. 
  3. Verify your mobile number. Make sure that this is also the number you use in your Lazada account.
  4. Upload the following documents: government-issued ID, proof of income, and proof of billing.
  5. After completing your loan application, UnaPay representatives will immediately review your application. This will take anytime between 10 minutes and 24 hours, depending on the volume of application during the day. You will receive an e-mail notification indicating the status of your loan application, whether approved or not.
  6. If approved, then the approved amount will be topped up to your Lazada wallet. You can now use this to pay for your purchases.

UnaPay will also send a repayment schedule so you will be able to keep track of the due date. It is a must to pay on time to avoid incurring penalties. Non-payment of loan might force UnaPay to seek third-party collection services to claim for the unpaid amount.

Tips To Remember When Applying At UnaPay:

  • Your UnaPay mobile number and email address must match your Lazada account. This way, it will be easier to link your UnaPay account and top up your Lazada account once approved. It will only take minutes for UnaPay to top up you wallet.
  • Make sure to activate your Lazada wallet.
  • Take one loan at a time. Although UnaPay won’t disqualify you for having existing loans or pending applications with other BNPL providers, make sure that the amount you’re applying for is something you can pay on time and in full.
  • Consider paying your loan early. There will be no pre-payment penalty and this will even have a positive impact on your credit standing.

Give this a try, yes? Let us know in the comments section about your UnaPay experience.

Frequently Asked Questions About Lazada Loans

Lazada has been a go-to place for many online shoppers. It has everything you need from the smallest items to the biggest, hard-to-find products, and even food and grocery. It became a hub for online sellers to extend their market reach to be able to provide products that will make every consumer life’s easier.

But of course, it doesn’t stop there. Buying something from Lazada means paying for the items as well.

Thankfully, Lazada offers tons of payment methods to make payment easier and more convenient. Apart from bank transfer and cash on delivery, Lazada partnered with several financial merchants to offer Lazada Loans. This means you can now apply for a loan to pay for your purchases and pay for this on installment even without a credit card.

Yes, you read that right. You can stretch payment terms and pay on equal installments even if you are not a credit card holder. This was made possible through Lazada Loans.

Below are the frequently asked questions about this service from Lazada:

What is Lazada Loan?

Popularly known as “Buy Now, Pay Later,” this service from Lazada allows customers to show now and pay for their purchases on installment. This service is “outsourced” by Lazada, which means you have to apply with any of Lazada’s accredited partners.

As of this writing, you can apply with BillEase, TendoPay, Cashalo, and Paylater among others.

Where can I apply? 

You can apply either via desktop or through app. Either way, make sure you have a copy of basic requirements such as government-issued ID, proof of billing, and income documents such as payslip so make sure you have them on hand.

How much can I borrow? 

This varies per lender. Nevertheless, first-time borrowers could be borrow as much as P4,000. Depending on your payment behavior, the maximum loan amount can be higher and up to P50,000.

How long do I have to wait? 

This will depend per lender since some could approve (or deny) your loan application few minutes after submission. Nonetheless, expect the application process to go as long as 24 hours.

This is why it is important to submit all necessary documents and fill out the information sheet as truthfully as possible. This will make it easier for the lenders to assess your financial standing.

Are there any special offers when I apply for a Lazada loan? 

This varies per lender as well. Some lenders offer zero percent interest-free loan for first-time customers to entice you to apply.

How much is the interest rate? 

Again, this depends on the lender. So far, lenders offer an interest rate between two and four percent.

How can I get my money? 

You cannot physically withdraw the amount you borrowed. Once approved, the amount will be credited directly in your Lazada wallet, which is also the only disbursement channel. Upon credit, you can use the Lazada wallet to pay for your items upon checkout.

Make sure your Lazada wallet is activated before you apply for a loan.

How long will it take for the amount to be credited in my Lazada wallet? 

This depends on when you submitted your application form. If you applied between Monday and Friday, then you will receive the money within a few hours to maximum of 24 hours upon approval.

If you applied on a weekend, then the amount will be credited by Monday afternoon since crediting is done on business days only.

Either way, you will receive a notification via SMS and through the Lazada app once the funds are transferred in your Lazada wallet.

Will I get the amount in full? 

Of course! Even if the payment scheme is installment, you will still get the amount you borrowed in full.

What can I buy? 

Anything. Lazada is home to thousands of products, so go ahead and browse. Upon payment, don’t forget to use your Lazada wallet and

What happens if my loan application was rejected? 

That’s fine. You can freely apply with other lenders in case your loan application was rejected.

Just make sure you’ll look into the lender first to find out which among them is best suitable for your needs?

Can I apply with different lenders at the same time? 

Yes. You can get one loan at a time per lender, especially if you will need a higher amount.

Although possible, we do not strongly recommend this since multiple loans means you need to handle more than one loan with different rates and terms. As much as possible, stick to one or two loans. Once you paid them off, then apply for a new one.

I forgot to use the credits in my Lazada Wallet. Do I still have to pay for the loan? 

Unfortunately, yes. In fact, you will have to start repaying your loan according to the repayment schedule given by your lender, regardless if you finished the entire amount or not. The amount was already credited to your account, so the assumption is you already used those credits.

Do wallet credits expire? 

The good news is no.You have the option to use the credits anytime you want or save it for later and then apply for another loan for bigger credits.

What if the credits in your Lazada wallet is not enough? 

That’s fine. You can apply for another loan from another lender to get higher credits. Or you can also top up your wallet through various Cash In methods like bank transfer, debit card, or GCash. This way, you don’t have to borrow money and reduce your exposure.

How can I repay? 

Every lender has their own repayment channels. In fact, Lazada has nothing to do with repayment anymore since it was already paid by the lender.

Each lender has several repayment options including bank-to-bank transfer, GCash, or bills payment center among others. Take note of the repayment procedure before you click the “Submit” button and make sure to make a list. This way, you won’t forget your scheduled payments and you won’t also compromise your chances of getting a higher loan.

Is Lazada Loan safe?

Yes. Lazada partnered with some of the best and legitimate BNPL providers to ensure that the customers’ information are safe.

Cashalo Now Has A Pay Later Program

Shop Now, Pay Later programs are on the rise these days – and it’s not surprising why.

First, you don’t need a credit card. Even without this, you can still avail of this service and pay for your purchases on installment basis. Second, documentary requirements are easy to provide. All you need are proof of billing, valid ID, and proof of payment, and you’re good to go. Lastly, it is convenient. You don’t need to go out of the house because you can apply at the comfort of your own homes.

BillEase and TendoPay are two major players in the Shop Now, Pay Later program in the Philippines. In fact, they partnered with big merchants including Lazada to make online shopping easier and more convenient for consumers. Then, there’s the entry of Cashalo. 

Cashalo has been around for quite sometime, offering digital credit to thousands of unbanked Filipinos. Recently, they joined the installment market through their PayLater program.

Here is everything you need to know about Cashalo’s PayLater program:

A New PayLater For The New Normal

This is Cashalo’s tagline as they launched their installment program. The new and improved PayLater program is a flexible credit line that you can use to purchase your daily needs. This credit line can be used when buying items from Cashalo e-store or partnered merchants offline.

What makes the new PayLater different from the previous facility is that it brings not just more partner merchants but also higher credit limit of P2,000. This way, you can shop (responsibly, please) from your favorite stores and stretch your budget for a couple of months.

Anyone can apply for Cashalo’s PayLater program as long as you can provide the requirements needed. Simply download the app, complete your user profile, and then apply for a credit line. You will receive a notification stating that you can now use your credit line.

If you already have a Cashalo account, then you can still apply. Just make sure you don’t have an outstanding balance so you can apply for this facility.

Cashalo PayLater Features:

  • Monthly interest rate: 4.5 percent
  • 0% interest IF the loan is paid on or before the due date or within 30 days from the start of the billing cycle. For instance, if your loan started on January 1, then you need to pay for it on or before January 30 to enjoy 0% interest.
  • Processing fee: 4 percent
  • Changes in credit limit may be possible after a month or every billing cycle
  • Cashless transaction wherein you can present the voucher code or scan the QR code to pay for your purchases

How To Apply For Cashalo PayLater Program

  1. Download the Cashalo app. This is available in App Store (for iPhone users), Google Play Store (Android users), and App Gallery (for Huawei users). Don’t worry since the app is free.
  2. Complete your user profile. Make sure to upload all of your valid IDs since this will give you a higher chance of approval. Maintain honesty and truthfulness when filling out the form.
  3. After filling out the customer profile, click Activate PayLater in the Cashalo app.
  4. Fill out the necessary information asked.
  5. Wait for Cashalo’s notification on whether your credit line is ready to use.

Once approved, you can use your credits to buy vouchers from Cashalo e-Store using the Cashalo app. You can also use it to buy vouchers offline with Cashalo’s partner merchants.

Take note that you can only use one Cashalo product at a time. This means if you plan to apply for PayLater program, make sure you don’t have an existing loan with the company to qualify.

Surely, Cashalo could add more features in their PayLater program, but this is a good step. It provides an alternative service to consumers who are normally not given access to various financial products. This gives them more buying power, which can be helpful in times of difficulty.

Is Buy Now, Pay Later Worth Trying?

You’ve seen it in Lazada countless times. You also noticed that there’s an installment option every time you but from online stores like Linen and Homes, Mumuso, and Kimstore.

Shop Now, Pay Later facility of online stores like BillEase and TendoPay helped bridged the gap and gave unbanked, non-credit card holder Filipinos to have an access to an installment scheme service. This means even without having a credit card, you can still split the payment for your purchases in equal installments.

The question now is this: is it even worth trying? 

The answer is it depends on how you will use this scheme to your advantage. After all, installment plan sans credit card allows you to shop more. Instead of limiting your opportunity to buy items that you need, Shop Now, Pay Later gives you more buying power to purchase items. This will come in handy especially for items that are needed such as new appliance, gadget for your kids’ online class, or work-from-home paraphernalia.

Shop Now, Pay Later increases one’s buying power. You use to limit your spending based on the amount of money you have, which is a good practice. After all, you must only pay for the items you can afford.

Through the installment scheme offered by online cash lenders, you now have a higher buying power. This means you can afford items that are generally our of your price range since the payment terms are more flexible.

You also get to extend payment. It’s okay to pay everything at once so you don’t have to worry later. However, you’ll never know when you might need cash. Through installment scheme, you can extend the payment by setting aside the installment portion every month and use the rest of the funds for other equally important expenses like utilities.

Still, don’t get too excited. It’s true that BNPL scheme is easier and more convenient, but this doesn’t mean it’s your ticket to shopping bonanza.

Here are some things you need to remember before you apply for this type of facility:

  • Always set a budget. Even if you can pay on installment, this doesn’t mean your funds are endless. Set a budget for the things you only need to avoid drowning in debt.
  • Know your lender. There are several lenders in the market that offers Shop Now, Pay Later facility. This includes BillEase and TendoPay among others. Take some time to get to know them because each lender has its pros and cons in terms of loanable amount, duration of the loan, and interest rate.
  • Check the terms. What will happen in case you missed a payment? How much is the interest rate per month? What are the available payment channels? In other words, take some time to read the contract. It contains everything you need to know when it comes to your loan.
  • Buy what you need. Again, installment plans will make shopping easier and more convenient, but it’s not an excuse to splurge. Aside from sticking to a budget, stick to your needs only. A loan is still a loan that requires payment.
  • Set reminders. Unlike one-time loans, the BNPL facility means you have to make payments on a specific date every month. Always set a reminder to avoid delay. Lenders pay close attention to one’s payment behavior and any delay, regardless if it’s just one time, could affect your chances of getting a higher loanable amount the next time.

More importantly, be a responsible borrower. Lenders who offer this facility helps bridge the gap and gives financial access to those thousands of unbanked Filipinos. How you handle this type of loan will make or break your chances in case you are aiming for higher loans like Housing or Car Loan. This will also reflect on your personality as a borrower.

7 Shopee Shopping Tips Every Online Shopper Must Remember

When was the last time you opened the Shopee app?

Admit it. You check Shopee several times a day. You want to know what are the latest deals or the products you are eyeing for is already on sale. Since you can’t go out as much as you can, you rely heavily on e-commerce sites and apps to get your needs.

Many will tell you to stay away from shopping sites like Shopee because it will only tempt you to buy even items you don’t really need. No worries because believe it or not, there are ways that could make every Shopee trip worth it without compromising your budget.

Stick around because below are Shopee shopping tips you need to know by heart in order to get bigger savings and better deals:

Tip No. 1: Two Words – Flash Sale 

If you want to score the best deals for higher savings, then you need to set your alarm for flash sales.

Check out the listings and take note of the time the seller will start selling out. Make sure to set an alarm and be online at least five minutes before the scheduled flash sale time. Check out as soon as the item is live to secure the item.

More importantly, don’t forget to click the “Remind Me” button so you will be updated once your preferred item goes on sale.

Tip No. 2: Avail Of The Free Shipping Vouchers

Even if you were able to save more on the item, shipping costs could eat a chunk on your budget. This is especially true if you have items to be delivered from another island or country.

Thankfully, Shopee has Free Shipping vouchers that you can avail of to save more against additional expenses. Simply claim the voucher upon checkout for bigger savings. Or, you can go for items with “Free Shipping” badge on it to be sure.

Tip No. 3: Follow The Stores You Will Shop From 

To entice customers to buy, stores often give discount coupons especially to first-time customers. Take advantage of this since this could translate to bigger savings.

P50-discount is still P50-discount, yes?

Tip No. 4: Take Advantage Of The Double, Double Sale

8.8, 9.9. 11.11, 12.12 – these are what Shopee calls Double Double Sale. This day is exceptionally special because it is Shopee’s biggest sale events where customers can score items at their lowest prices.

Here’s another tip: make sure to add the items you want to buy in your cart as early as possible so come sale date, you can easily check out. A lot of people are looking forward to this, so you better be quick.

Tip No. 5: Use Shopee Pay 

There are tons of payment options available in Shopee. Aside from the usual cash and bank deposit, did you know that it now has e-wallet?

Known as Shopee Pay, this mode of payment allows you not only to pay for your items conveniently but also to give you more deals, exclusive discounts, and bigger savings.

Pro tip: Top up your e-wallet every Thursday and pay using Shopee Pay. This is when you can get upsize on offers, enjoy bigger discounts, exclusive perks, and avail of more shopping vouchers.

Tip No. 6: Leave Product Reviews

Reviews are helpful. It gives other customers an idea on what to expect and whether or not the product is worth buying.

To encourage customer reviews, there are shops that reward customers for leaving meaningful and helpful reviews. You will be rewarded with Shopee coins, which you can use when paying for your succeeding purchases.

Tip No. 7: Offer Referral Code

Shopee may be a popular e-commerce app but not many still believe or are comfortable doing their shopping online. When you offer your referral code, not only can you get coins deductible for your next purchase but it also entitles the user of the code to get discounts upon check out.

It’s a win-win.

Here’s some good news: did you know that you can pay for your Shopee purchases on installment even without credit card? Check out this post on how to avail of Shopee Installment with the help of BillEase.

So, are you ready to go shopping? Just remember that financial responsibility is a must to avoid buying items that are way beyond your capacity to pay.

9 Lazada Shopping Tips And Tricks Every Online Shopper Must Know

One of the online events many people are excited about is the monthly sale of Lazada. Take the case of 11.11 sale, which happens to be a tradition now echoed by many online sellers in the country.

Lazada paved way for entrepreneurs, both big and small, to reach out to thousands of customers, regardless of where you are in the country. It even came up with various payment methods just to cater to people’s preferences, including installment payment in partnership with various lenders like BillEase and TendoPay. 

Before you get excited, here are tips and tricks you need to remember when shopping online, particularly in Lazada:

Tip No. 1: Add To Cart Early 

Every month, Lazada comes up with sales to entice people to buy. Even if it’s not yet 8.8, 9.9., or 12.12, you need to start adding items to your cart.

Take note that some items have limited supply. If you’re eyeing for a particular item, add it to your cart now so you can have first dibs and not worry about losing it. Come Sale Day, click checkout.

Tip No. 2: Wishlist

Don’t underestimate this function. Items added in the Wishlist allows Lazada to send you updates or alerts about those products you picked. Simply add what you want and wait because who knows, there might be deals that are hard to say no to.

Tip No. 3: Use Vouchers

The good thing about Lazada is that they are generous when it comes to vouchers. Take advantage of Free Shipping and discount vouchers from both partner merchants and onsite to be able to enjoy bigger savings. Some vouchers provide deals on top of the discount, which makes it hard for you to pass.

Tip No. 4: Lazada Exclusives 

Waiting for vouchers will take time or worse, none at all. Nevertheless, Lazada launches “Exclusives” or deals that you can get only from Lazada. Take note of this because it gives exclusive deals and promos for bigger savings.

Tip No. 5: Buy From The Same Seller

Let’s say you need a new non-stick pan and chanced upon seller A who sells pans at reasonable prices. Before you check out, you might want to look into the store as well and find items that could be useful at home.

Why? Because buying from the same seller not only allows you to save and maximize shipping costs but also make it easier for you to reach minimum amount to enjoy vouchers or discounts. Just make sure that you’ll buy items you will need to make the most out of your money.

Tip No. 6: Read, Read, And Read

Most of the time, all the information you need to know about the product is indicated in the description. Take time to read through because Lazada sellers are generous in sharing information.

Taking time in reading the item’s description will already give you an idea on what the product is about and whether or not it fits your needs.

Tip No. 7: Don’t Forget The Reviews

Apart from the item’s description, you need to read seller’s reviews, too.

Lazada users can rate a seller and provide sufficient reviews regarding their shopping experience, seller’s attitude when customers are asking questions, and quality of the product among others. Lazada also verifies customers who bought from a particular seller, so you know that what you’re reading is legit.

Tip No. 8: Watch Livestreams

Shoppers are often advised to always be on the lookout for vouchers but guess what, livestream could give you those.

Livestream allows sellers and even companies with partner social media influencers to present their products and answer questions about it. Aside from that, this is also a good opportunity for them to throw deals and promotions that allows buyers to have bigger savings. These deals are exclusive during livestream, so make sure you watch out for these.

Tip No. 9: Explore Your Payment Options

There are several ways on how you can pay off your items. While Cash on Delivery and bank deposit are still the popular options, there’s another mode of payment you need to consider: Shop Now, Pay Later. 

Through partner merchants like BillEase and PayLater, this option lets buyers to pay for their purchases on installment basis. The best part is that you don’t need a credit card to enjoy this service. Simply sign up with your choice of lender and you can now enjoy this payment option.

Here’s the most important tip: budget. Don’t get too excited and focus only on essential items. Having a budget for your Lazada purchases will ensure that you won’t end up in debt.

Get Your New Gadget For Online Class – And Pay In Installment – With InvestEd

The effects of Covid-19 pandemic are unprecedented. All of a sudden, the world is facing an enemy with no cure, thereby killing millions of people and forcing billions more to stay at home to prevent the spread of virus.

As they say, life must go on. This includes going to school.

Since face-to-face classes are prohibited to minimize the spread, schools adopted Online Distance Learning, which means students will meet their teachers and classmates virtually. When Distance Learning is being implemented, this follows that every student will need one gadget to be able to attend classes.

Here’s the thing: gadgets don’t come with a cheap price tag. If you prefer a reliable learning tool, then then you might have to spend at least P20k for a laptop.

Thankfully, there’s InvestEd.

Who is InvestEd?

InvestEd is a company that offers sustainable and inclusive student loans to kids, regardless of the socio-economic class. The company, led by individuals who are successful in various fields such as Education and Microfinance, believes that investing in youth could help them gain employment and succeed later on in life.

InvestEd also offers Student Loan, which allows you to finish schooling and pay the loan after graduation. Apart from the financial assistance, the student-borrower can also have access to financial coaching and an overall college experience.

Here’s the exciting part: InvestEd recently partnered with Lazada so you can finally get a gadget for distance learning.

The InvestEd x Lazada Partnership

InvestEd believes that no student must be left behind in the new normal. Unfortunately, one of the reasons why students opted not to study this school year is because they cannot keep up with the growing needs in online classes. Apart from the stable Internet connection, students need their own gadget where they can attend classes and be able to submit requirements. This could be heavy on the parents’ pocket, especially when there are multiple kids.

Through this partnership and in line with the company’s commitment to help Filipino students’ reach their dream, students can now purchase any gadgets from Lazada through Gadget Loan. In fact, you can get a loan for any of the following:

  • Laptop
  • Tablet
  • Mobile phone
  • Mobile Internet

Students, through their parents, can apply for this loan as long as the following criteria are met:

  1. Student must be 18 years old and above
  2. S/he must be enrolled in any college, university, or other learning institutions in the Philippines
  3. S/he must be in last two years of schooling

How To Apply For A Gadget Loan 

There are two ways to apply for this loan. You can apply through the Invested website or through the Lazada app.

Applying Through InvestEd Website

  1. Visit the InvestEd website (www.invested.ph) and fill out the online application form. You can also access the application form here.
  2. Make sure to choose Gadget on the loan product you plan to avail.
  3. InvestEd representative will review your loan application. If approved, then the loan credits will reflect in your Lazada wallet.
  4. Choose the gadget you wish to purchase, use the credits from your Lazada wallet, and then wait for the items to be delivered to you.

Applying Through The Lazada App

  1. Download the Lazada app. This is available on both App Store and Google Play Store.
  2. Go to your Lazada wallet.
  3. Click Loans and then choose InvestEd. 
  4. Fill out the online application form. Thereafter, InvestEd representatives will review your application.
  5. Once approved, you can now purchase the gadget you will need for your online class.

Take note that repayment options for the monthly installments include auto-debit arrangement from bank account, bank transfer, and payment through Bayad Center, convenience stores, and pawnshops.

The InvestEd x Lazada partnership could help bridge the technological gaps in education during this challenging time. Unfortunately, this is open to college and post-graduate students only. We have yet to wait if InvestEd will offer the Gadget Loan facility to junior and senior high school students or even better, to all students.

In the meantime, if you qualify for this loan, then take advantage of it.

Shop Now, Pay Later With TendoPay

Have you ever had that experience when you want to purchase a product but you can’t because:

  1. You don’t have much cash with you, or
  2. You don’t have a credit card.

Frustrating, isn’t it. As much as you want to apply for a credit card so you could buy big items and pay for it in installment, you can’t. Sadly, you need to have a bank account first and you need to establish that you are a worthy borrower.

Not that you’re not worthy, but banks can be picky. If you can’t back up your payment capacity, then you need to look into other means, just like the Buy Now, Pay Later scheme offered by online lenders.

The BNPL scheme targets unbanked Filipinos who don’t have access to credit cards. Through BNPL, you can make purchases from any of the lender’s partner merchants and pay for the item in equal monthly installments. This could range from a month to 12 months, depending on the lender.

Speaking of lender, there is one that is getting popular these days – TendoPay. 

What is TendoPay?

TendoPay is an installment plan solution that allows customers to pay for online purchases in two to 24 monthly installments.

To apply, you can either:

  • Create an account through their website. Take note that the approval isn’t automatic. All required documents must be uploaded first in order for TendoPay to review your account. You will be informed of the status of your registration after 48 hours (or earlier, depending on the volume of applications). Once approved, you can now start shopping at TendoPay partner merchants.
  • Use TendoPay as your payment method every time you make a purchase from their e-commerce merchant partners. You will still be required to register and fill out an online application form before TendoPay can process your installment application.

As of this writing, TendoPay’s growing list of partner merchants include Lazada, Anson’s, Zalora, Royal Gem, Hapi Homes, Harman Kardon, Data Blitz, Kimstore, and Henry’s Camera among others. You can check the complete list of merchants here.

TendoPay Employee Benefit Program

This is an innovative benefit that employees will love. Employers can apply for this program wherein their employees can be entitled to:

  • TendoPay virtual credit card, which they can use when making purchases online
  • No minimum salary threshold, which means all regular employees are qualified
  • Credit limit is up to 75 percent of gross monthly income for first-time users. This could go higher depending on frequency of loan and payment behavior
  • Low interest rate starting at 2 percent, with some partner merchants charging zero percent interest
  • Fast approval for all regular employees
  • Loans will be managed by TendoPay

TendoPay Installment Loan Features

  • Loan amount between P3,000 and P30,000, although the maximum loan amount can only be increased depending on the frequency of borrowing and when borrower makes timely payments
  • Loan term between two and 24 months
  • No upfront fees
  • Loan application process will take a maximum of one business day from the time all documents are submitted or uploaded
  • Sending of notifications to ensure that no installment will be paid late
  • Various repayment channels including 7-Eleven, Cebuana Lhuillier, LBC, Bayad Center, SM Payment Center, ECPay, GCash, PayMaya, and Robinson’s Department Store

What are the things I need to remember before I apply with TendoPay? 

  • Borrower must be of legal age at the time of the loan application
  • With valid email address and mobile number
  • Upload a copy of a government-issued ID like Driver’s License, SSS ID, Passport, PRC ID, and UMID
  • Utility bill such as electric or water bill that is not older than three months. This should also reflect your address for verification purposes.
  • Proof of income like pay slip or Certificate of Employment that is not older than two months

TendoPay is available nationwide. This means wherever you are, you can have access to this financial service and make shopping easier.

Just make sure to pay your installments on time so you could get an increase in your credit limit.

Lean On Aeon Philippines For Your Next Installment Plan

Appliances, furniture, and gadgets are meant to break down over time. No matter how much you take care of them, there will come a time when you need to replace them. Because of the pandemic and instability in the job, you might stall the purchase since there are more important expenses, say bills or your kids’ tuition fee.

Thankfully, there are online lenders that offer products for people who don’t have access to banks. Even without a savings account or credit card, you can still be eligible to borrow money for emergencies. One of them is Aeon Philippines.

Who is Aeon Philippines? 

Aeon Credit Service (Philippines) Inc. or Aeon is a financing company established in the Philippines on February 2013. It is a subsidiary of AFS Corporation Co. Ltd., the holding company of Aeon Bank based in Japan. AFS Corporation is also a part of the Aeon Group, Japan’s biggest retailer with brands like Kidzoona, Ministop, and The Body Shop under its name.

Aeon believes in empowering customers by providing appropriate financial services to help achieve a better life. Unlike banks. Aeon targets thousands of unbanked Filipinos who don’t have access to financial services such as loan.

At present, Aeon Philippines has offices in Cebu, Davao, Pampanga, and Legazpi.

What financial products does Aeon Philippines offer? 

As of this writing, Aeon Philippines offers the following financial services:

  • Appliance Loan
  • Furniture Loan
  • Gadgets Loan
  • Personal Loan

The Appliance, Furniture, and Gadgets Loan can be availed and paid on installment basis. To enjoy these services, make sure to download the Aeon Philippines app, which you can get only through Google Play Store. As of this writing, the app is only available to Android users.

For purposes of this article, we will not focus on Personal Loan and will be discussed in succeeding posts. 

Appliance, Furniture, And Gadgets Loan 

These financial products allows you to buy appliances, furniture, and gadgets in case the old ones need to be replaced. Unlike personal or cash loan, you can pay for your loan on installment basis.

Product Features:

  • Loan term is between six and 24 months
  • Interest rate of 3.5 percent for general products and 5 percent for gadgets
  • With corresponding processing fee (depends on the loan amount). This is pegged at three percent of the total loan amount or P500, whichever is higher.
  • Downpayment may be required depending on the item. Appliances, laptops, and other gadgets may need 10 percent down payment while smartphones require 20 percent.
  • Payment centers include 7-Eleven, Bayad Center, Cebuana Lhuillier, MLhuillier, SM Bills Payment Center, ECPay, LBC, Villarica, TrueMoney, AllDay, CVM, Express Pay, Pera Hub, Touch Pay, and USSC
  • Online payments are available through GCash and PayMaya
  • Bank-to-bank deposits are also allowed through BDO, BPI, Metrobank, Security Bank, Union Bank, and UCPB

How To Apply: 

Step 1: Download the app in Google Play Store. This is important because application will only be processed through the mobile app. Unfortunately, there is no website version.

Step 2: After downloading the app, you can now proceed with the online application. Don’t forget to upload the documents needed such as ID.

Step 3: Wait for approval from Aeon Philippines. This usually takes up to one business day. Once approved, you can now go to Aeon’s partner merchant that you chose in the app and buy the item you need.

Step 4: Make sure you have the following documents when you go to the partner merchant to claim the item:

  • For employed applicants, two valid IDs
  • For beneficiaries, two valid IDs, proof of billing, and proof of received remittance
  • For self-employed individuals, two valid IDs, proof of billing, proof of income, and DTI or mayor’s permit

Once your documents are ready, show the Agreement Number to the AEON Sales Promoter. Thereafter, you will receive a one-time password, which you will show to the sales agent.

There will also be a face recognition process that you need to complete before you can get your item. After this, you’re all set.

You can also go directly to any Aeon Philippines’ partner merchant. However, you will still be required to download and apply through the app, so it is best to do this beforehand. This will lessen waiting time, too.

Aeon Philippines’ Installment Plan is another alternative to those who don’t have credit card but need to purchase items with a higher price tag. Still, take note that Aeon will only work with its partner merchants. Check the partner stores first before you commit to anything.

More importantly, borrow wisely and responsibly!

NPC Reminds Online Lenders On Use Of Customers’ Personal Information

Online lenders are popping here and there for a reason – it helps bridge the financial gap and give access to thousands of unbanked Filipinos. Finally and even without a savings account or a credit card, you can now apply for a loan to finance your needs. Application is easier, too, because you simply have to download the lender’s app for free.

Similar to banks, applying for an online cash loan requires submission of your personal information. This includes address, current employment, monthly income, and even references. Online lenders need these information so they can properly evaluate if you are qualified.

Here’s the thing: there are lenders that use personal information to harass customers. In fact, the National Privacy Commission or NPC received numerous complaints about how online lenders use the submitted information to harass and publicly shame those who were unable to pay their loans on time. NPC was able and still acting on it, closing 26 online lending companies as of this writing. Since there are still lenders who continuously harass their customers, the agency issued NPC Circular No. 20-01, which serves as a guideline on how to process personal data during loan transactions.

What’s written in the said circular? 

The said circular was issued for a reason: online lending privacy rules must be tightened. 

Here’s a simplified version of the circular:

  • Online lenders must follow rules in relation to “Know Your Customer” or KYC policy when collecting information.
  • Collection of information must be limited to determining the borrower’s credit worthiness, fraud prevention, and for purposes of collecting payments. As soon as these purposes are achieved, the online app must prompt the borrower to disallow or turn off the said permissions.
  • Entities that engage in collection of personal data information for purposes of granting loan facilities must ensure protection of these information using organization, physical, and technical security measures. In other words, personal data must be protected against third-party entities, hacking, and other activities that could compromise the information shared by the customer.
  • Borrowers must be informed of the purpose of collecting personal data. It should be used strictly for evaluation and processing of loan. If information will be used other than for loan processing, then the borrower must be informed first.
  • Online lenders are prohibited from requiring unnecessary permission involving sensitive information.
  • Submission of photo or selfie is part of the application process because of the KYC. Once the photo is taken, the app must turn off permission to access the camera by default. If this cannot be done automatically, then at least prompt the borrower through pop-up notification that they can turn of the permission.
  • Photo of the borrower must NOT be used to harass or publicly shame the person.
  • Copying phone contacts and email list, and harvesting of social media accounts are strictly prohibited and must never be used to publicly shame the borrower.
  • Lenders must provide a separate interface where borrowers can provide character references or co-maker. Consequently, online lenders must inform the character reference about the purpose of the call and how the contact details were gathered.
  • There must be an option for a person to be removed as a character reference.
  • Pursuant to SEC Memorandum Circular No. 18, series of 2019, online lenders are prohibited from using personal data to engage in unfair collection practices. Unfair collection practices include but not limited to use or threat to use violence, using obscene or insulting language against the borrower, publication of names and other personal information of the borrower in case of non-payment, and using deceptive means to collect or attempt to collect loan payment. You can learn more about the said circular here.

Simply put, online lenders CANNOT publicly shame, insult, distribute personal details, or harass a borrower due to non-payment of loan obligations. In return, borrowers must be financially responsible to pay off existing loans.

Keep in mind that online cash loans are often unsecured, which means there is no security to guarantee the money you borrowed. As a borrower, you are expected to pay off your financial obligations on time and in full. Otherwise, it could adversely affect your credit standing, too.

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