Lazada Loan Review: Should You Shop Online Using This Loan?

Lazada Loan Review

Lazada Loan Review: Nowadays everyone shops online. It’s a fact of our life! You can check out the latest kicks on your laptop. You can buy flight tickets on your computer, You can even use your smartphone to buy groceries and purchase airline tickets on a tablet computer.

What’s the best thing about shopping online these days? Some platforms are prepared with a lending facility! As a result, you can now shop without a credit or debit card. If you select COD as your mode of payment, you also won’t need to worry about where you should locate cash.

One of the largest online marketplaces in the Philippines, Lazada, provides a short-term financing program known as Lazada Loans. In essence, this is a buy now, pay later option that consumers with limited funds might use if they really must make an immediate purchase.

Are you curious about the details of this program? This in-depth Lazada Loan evaluation will assist you in determining if this financing option suits you.

Also Read: Cup Loan Program: What Is The Interest Rate?

What is a Lazada Loan?

Lazada Loans, introduced in 2019[1], give customers an additional method of paying for their online purchases, whether for groceries or electronics. Accredited mobile lenders and Lazada collaborate to enable this option.

With a Lazada Loan, customers may purchase now and pay for it later through convenient installment plans—all without using a credit card. Using the Lazada website or app, you may apply for a loan directly and have it granted the same day. After your loan is given, you can use the money to pay your expenses using the app or purchase goods on Lazada.

The minimum loan amount is 500 and the maximum loan amount is 50 thousand. Depending on various factors, your first-time loan amount can be as low as 4 thousand to as high as 20 thousand.

Details of Lazada Loan: Advantages and Disadvantages

Many reasons make Lazada Loan a good financing scheme. Some of these features are

👍 Simple Application

Everything about the process is done online. There’s no need to queue up, go to a physical store, and fill out documents. Moreover, you can apply for a Lazada Loan from anywhere at any time.

👍 Cheap Interest Rate

Installment partners on Lazada provide first-time lenders with 0% APR loans. Conversely, successful loans will have standard interest rates, which typically range from 2% to 4%.

👍 Quick Authorization

The entire loan application process is done online. In light of this, Lazada claims that the approval lead time varies from instantaneous to twenty-four hours.

👍 Authorized Creditors

Lazada extensively screens lenders, so you can be sure you won’t fall into a fraud. You should compare the benefits offered by each lender to find the one that best fits your needs.

👍 Modifiable Payment Schedule

You have the option of selecting a 24-month term or paying in as little as 15 days. You can choose a payment term that won’t affect your cash flow with these options.

👍 No Requirement for a Surety

This form of financing doesn’t require financial support from anyone. This eliminates the need for you to handle challenging paperwork.

👍 No Requirement for Collateral

Likewise, applying for a Lazada loan won’t need you to give up any assets. Your high-end handbags, jewelry, and technology are secure.

A Lazada Loan does have several disadvantages, though. A loan is still a loan, and if you don’t manage it responsibly, you could find yourself in a vicious cycle of debt. Thus, take into account the following possibilities before applying.

👎 Superfluous Debts

Online buying has an enticing appeal. If you have a high credit limit, impulsive buying tendencies, and large discounts combined, you’ll quickly become deeply in debt. Self-control is the only thing that can help you deal with it.

👎 Additional Costs to Pay

Even with extremely low interest rates, you will still be responsible for paying the processing costs. Penalties are another thing to be cautious about. Remember to account for these expenses when calculating your repayments.

👎Reduced Spending on Additional Loans

You will have to pay back your internet shopping loans using the money that would have been paid toward your home mortgage and other debts. This is probably what would happen if you applied for several loans on Lazada.

👎 Countless Options

There can be benefits to Lazada’s wide range of lenders. However, there may be drawbacks, particularly if you’re pressed for time. Rather than utilizing a single loan, you will need to examine and contrast the offers from recognized lenders to get the finest value.

Review of Lazada Loan: What Users Are Saying

To be honest, it’s challenging to write a Lazada Loan review that examines the financing plan overall. This is because Lazada Loans are a group of lending options provided by different online lenders.

Rather, the focus of this study will be on the advantages and disadvantages of a few of Lazada’s partner lenders:

🛒LazPayLater

The cheap interest rates and simple application process of Lazada’s flagship loan product are two of its main selling points. Also, using the app to process your application does not need you to exit it.

One reviewer claims that even with all the prerequisites met, getting accepted is difficult. Repeated applications result from this. This is explained by the same reviewer as Lazada’s stringent screening procedure.

🛒BillEase

BillEase’s Lazada Loan program is straightforward to use because it approves applications quickly and easily. Some features, nevertheless, are only available to new borrowers.

For example, new applicants cannot ask for loan terms longer than 12 or 24 months. This benefit is only available to loyal clients. A duration of up to six months is the finest deal available to first-timers.

Furthermore, users might find BillEase’s never-ending barrage of notifications annoying.

🛒 TendoPay

TendoPay offers a 24-hour turnaround time, making it an excellent choice for customers looking for a Lazada Loan and wanting their shopping credits immediately. Although the interest rate is only 2%, some borrowers are eager to draw attention to the fact that this lender needs a 20% down payment.

Additionally, you must ensure that the quantity is at least equivalent to the item’s price. This is because there won’t be any change given to you.

🛒UnaCash Lazada Loan Review

You can borrow up to ₱50,000 thanks to Lazada’s relationship with UnaCash, which is one of its most outstanding features. This is a wise choice if you’re purchasing expensive goods like electronics.

The terms of payment, which vary from two to six months, are nevertheless rather brief. This means that if you borrow ₱50,000, you only have up to six months to pay it back, which could be difficult if you’re having cash flow issues.

Using UnaCash could have certain benefits, but it could also have drawbacks. After a repayment, your credit automatically reloads. This gives you limitless credit for purchasing, but if you lack self-control, it will put you in a never-ending debt cycle.

🛒JuanHand

JuanHand also makes shopping at Lazada more convenient because the application procedure is simple and approvals happen quickly. That being said, the initial loan amount is modest, just as with other internet lenders. The comparatively high interest rate associated with this financing option is another disadvantage.

🛒Cashalo

Many borrowers find Cashalo’s service to be adequate. Loan proceeds are disbursed promptly and the processing period is short. Additionally, there is 0% APR on Lazada Loans for new Cashalo members.

However, some people could find it offensive that the corporation is reminding you of your due date in such an aggressive manner.

🛒 InvestEd

Loans up to ₱40,000 are available from InvestED. You can utilize the loan proceeds to buy supplies, books, and even gadgets on Lazada for your schooling. Nevertheless, only students are eligible for this loan.

Lazada Loan Review Conditions

It’s simple to apply for a Lazada loan. Usually, all you need is the following criteria and an internet-connected computer or smartphone. However, bear in mind that different lenders may have different requirements for borrowers.

A legitimate ID from the government (passport, driver’s license, UMID, etc.)
Evidence of income
Billing documentation (based on the lender)
A Lazada account with a Lazada Wallet that is active

🔹 How to Make Your Lazada Loan Review Wallet Active

As soon as your application is accepted, the loan funds will be credited to your Lazada Wallet, therefore activating it should be your top priority. Your time won’t be required for it. Simply adhere to these steps:

Launch the Lazada app and sign in with your credentials.
In the top right corner of the page, tap the Wallet icon.
Press the “Activate” button.
Verify your phone number once again, then select Get Code.
Enter the OTP you received by text message, then select Verify Mobile Number.
Following the verification of your number, you’ll be taken to your Lazada Wallet.

How to File a Lazada Loan Review Application

Visit the Loans section of Lazada.[2] Choose an approved lender from there. Keep in mind that every lender offers a different maximum loan amount, and some may have other criteria.

It is advisable to evaluate the terms and conditions offered by these Lazada Loan partners to select the one that best meets your requirements, as they differ. Take a look at the information below to identify the top Lazada lending partner.

🛒 LazPayLater

With Lazada’s credit payment option, LazPayLater, you can shop and pay for your products with a low interest rate up to 45 days later. Additionally, you can choose an installment plan that lasts up to 12 months. However, this is limited to users who have met certain requirements.

Features of LazPayLater Loans

Maximum loan amount: ₱15,000.
Terms of the loan: 45 days to 12 months
Interest rate: Variable based on the length of the installment

Requirements for Lazada LazPayLater Applications

One legitimate government-issued ID, such as a passport, driver’s license, UMID card, or SSS ID, is all that LazPayLater needs.

Steps for LazPayLater Loan Applications

Navigate to the LazPayLater application page on your Lazada app.
Accept the privacy statement and terms and conditions. Next, select Apply Now.
Enter the OTP key.
Snap a photo of your legitimate ID.
Snap a self-portrait.
Complete the application.
Send in your application.

🛒 Billease

BillEase is a Buy Now, Pay Later service that operates under the fintech company First Digital Finance Corporation. It provides credit limits that may be utilized at more than 3,000 partner retailers, including Lazada. You may be eligible for an extended Billease loan term if you are a returning customer.

Features Billease

Amount of loan: ₱2,000–₱40,000
Term of loan: one to three months
Monthly interest rate: 3.49%

Conditions for Applying for a Billease Loan

The age requirement is at least eighteen
Need a reliable source of funding
a legitimate ID from the government
Evidence of billing
Evidence of income

Steps for Applying for a Billease Lazada Loan Review

Select Billease from the Lazada Loans page.
Before clicking “Apply Now,” select the loan amount and terms.
Upload your specifications and include your details.
Hold off until permission is granted. It will require a minimum of one banking day.
Your Lazada Wallet will be credited with the proceeds once they have been approved.

Tendopay

Tendopay, a leading Lazada lending partner, offers online buyers an easy-to-use installment plan using digital vouchers. As said above, since there won’t be any change given, you should buy a voucher for the full price of the item.

🛒Features of Tendopay

Amount of loan: ₱2,000 to ₱30,000, depending on how your application is evaluated
Terms of loan: 2 to 24 months
Interest rate: Depending on the loan amount and length, it starts at 2% per month.

Conditions for Applying for a Tendopay Loan

The age requirement of at least eighteen
A legitimate ID from the government
A selfie with your official identification document, proof of income, and employee number

Steps for Applying for Tendopay Loans

Make an account and download TendoPay.
Click on Merchants, then select Lazada.
Choose the value of the voucher. Click Buy.
Observe the ensuing instructions. Use the e-wallet of your choice to make the down payment.
Await the loan credits being added to your Lazada Wallet.

🛒UnaCash

UnaCash provides online shoppers at Lazada with buy-now-pay-later arrangements. It’s a great choice if you’re purchasing an expensive item because you may borrow up to ₱50,000.

Features of UnaCash

Maximum loan amount of ₱50,000
Term of loan: two to six months
Interest rate: Not stated; based on the typical interest rates offered by Lazada Loans, it is likely between 2% and 4%.

Requirements for Applying for UnaCash Loans

The age requirement is at least eighteen
a legitimate ID from the government
Evidence of income
Evidence of billing

Steps for Applying for A Lazada Loan Review

Go to the UnaCash homepage to begin your application. You’ll need to download the app there.
Submit your application with a single, current ID and evidence of income.
I await your application’s confirmation. Once authorized, use the app to convert your loan credits to Lazada Loan and input the credit number from your Lazada Wallet.

🛒 JuanHand

One of the top fintech companies in the Philippines that provides cash loans is JuanHand. Additionally, it offers spending credits to online buyers through a partnership with Lazada.

JuanHand’s attributes

Maximum loan amount of ₱25,000
Terms of credit: Up to 3 months
Interest rate: Not stated; based on the typical interest rates offered by Lazada Loans, it is likely between 2% and 4%.

Requirements for JuanHand Loan Applications

Although the age range isn’t stated, it’s safe to presume that it must be between 20 and 60 years old. Additionally, get ready for the following:

Authentic ID Proof of income
Evidence of billing

JuanHand Application Procedures Lazada Loan Review

Enter your cellphone number when registering.
Enter the necessary data.
After selecting a branch, enter the loan amount.
Decide on the cash-out channel.
Await receiving your loan disbursement.

Without question, one of the most well-known companies in the buy now, pay later market is Cashalo. If you wish to avoid spending a lot of money on shopping, this is the ideal Lazada Loan partner. This is because you can only utilize this loan to fund ₱5,000 in your Lazada Wallet.[3]

Furthermore, the application requirement is not difficult.

Features of Cashalo Lazada Loan Review

Maximum loan amount of ₱5,000
Terms of loan: up to 90 days
0% interest is charged to new Cashalo users.

Conditions for Applying for a Cashalo Loan

To utilize Cashalo, all you have to do is finish creating your user profile on the Cashalo app. Verify that the email address and mobile number are the same as the ones you used to register with Lazada while you’re at it.

Steps for Cashalo Lazada Loan Review

Create a Cashalo account by providing your mobile number and email address. Verify that the information below matches the information that is registered in your Lazada account.
Install the Cashalo app, then sign in.
Navigate to Pay with Cashalo on Lazada Loan. Finish creating your profile.
Choose the loan amount and terms that work best for you.
The loan profits will be credited to your Lazada Wallet within one to three business days of your application being approved.

If you’re a student, InvestED is the ideal Lazada Loan partner. This is because InvesTED is an education-focused loan organization. It provides loans for tuition, allowances, and technology for students.

Invested Features Lazada Loan Review

Maximum loan amount of ₱40,000
Terms of the loan: Not stated
Interest rate: Not stated; based on the typical interest rates offered by Lazada Loans, it is likely between 2% and 4%.

Requirements for InvestEd Lazada Loan Review Application

Although not stated, it might be prudent to get ready the following:

Documents attesting to your age, such as a birth certificate with a PSA certification.
Records attesting to your enrollment in an undergraduate or graduate program
A legitimate ID from the government

Steps for Applying for an InvestEd Lazada Loan Review

Fill out the application on the InvestED website and submit it.
Await the permission for a period of two to seven days.
If you are eligible for the loan, an InvestEd loan officer will get in touch with you. They will check the accuracy of your information and provide you with a sample loan breakdown.
Send in the necessary documentation.

FAQs for Lazada Loan Review

You’re prepared to apply now that you are aware of the attributes and advantages of the different Lazada loan partners. But if you’re still apprehensive, you might want to take a moment to go over the following.

Where can I find the money?

Keep in mind that loans from Lazada are not cash loans. To guarantee that the funds can only be used for Lazada purchases, the loan profits are given to the borrower in the form of Lazada Wallet credits. Agents that phone or message you and say you may pick up your loan profits in person should be avoided.

2. Will there be an upfront credit or installments for the loan?

Your Lazada Wallet will be fully credited with the proceeds of your loan. In this manner, you can use the site to buy everything you need or desire. Keep in mind that Lazada Loans in the Philippines are essentially a “Buy Now, Pay Later” service, with monthly installments required for repayment.

3. Do credits in the Lazada Wallet expire?

The Lazada Wallet credits that you receive from a Lazada Loan never expire, so you can shop whenever you want. You have the option to hold onto the credits for a larger purchase. You can take advantage of this by applying for a second loan or by topping it off.

4. How can I pay back a loan from Lazada Loan Review?

You will pay back the loan directly to your selected lender because the terms of the agreement are private to you. The majority of lenders offer bill payment centers and bank-to-bank transfers as payment options. To prevent confusion, make sure you thoroughly read the loan contract with your particular lender.

5. My application was turned down. Can I apply to a different lender for a Lazada Loan Review?

Indeed! If your first choice doesn’t approve your application, you can apply with another lender using Lazada’s Buy Now Pay Later option. If you require a larger sum, you can even apply for more than one loan from different lenders.

6. Are loans from Lazada only processed through the app?

No. Applying for a Lazada loan is possible through the PC or app. However, when it comes to uploading the necessary documentation, consider convenience. It only makes sense to process your application using the app if the files are already on your phone.

7. If I don’t use my credits, do I still have to repay the loan?

Indeed. Your loan proceeds have been credited to your account after it was authorized. Therefore, you will have to pay back the loan on time whether or not you use them.

Last Words

The days of merely being able to afford credit or debit card holders to shop online are long gone. Cash on delivery is a sensible alternative, but it can cause issues, particularly if the delivery window falls around Petsa de Peligro or other financially difficult periods.

For people who lack the funds to buy a vital item, Lazada’s Buy Now, Pay Later option is a perfect substitute. It’s also a sensible choice for people who don’t want to make a large purchase that would deplete their savings or interfere with their cash flow.

Examine the characteristics carefully before applying for a Lazada loan. In this manner, you’ll be able to select a loan with reasonable terms for payback. If you want to analyze the benefits and drawbacks of a lender, it would also be beneficial to return to this Lazada Loan review.

Examine Additional Personal Loan Choices

Are you trying to find a cash loan to help you pay for the things you buy online? Examine the features of these personal loans available in the Philippines. Proceed to Moneymax to apply after weighing your alternatives.

Also Read: Check Out The Tonik Flex Loan | Have A Need Cash ASAP