BillEase Loan: How to Get Cash Loan and Installment Plans Online

BillEase Loan

BillEase Loan: Internet shopping is here to stay, epidemic or not. Seven out of ten Filipino consumers still prefer to shop online, even though more and more individuals are beginning to frequent physical establishments.[1] If you don’t yet have a credit card, the greatest option is to use services like BillEase Loan, which allows you to shop online and pay for your purchases later (BNPL).

After all, BNPL services have gained popularity since last year, and analysts predict that this year’s growth will reach $803.5 million, up 109.7% from the previous year. The adoption of BNPL is expected to increase steadily between 2022 and 2028, with a compound annual growth rate of 50.9%.[2]

With only a few taps on the BillEase app, you can apply for a cash loan and use customizable installment options with BillEase. Curious? This comprehensive beginner’s guide will help you prepare for your upcoming shopping binge.

Also Read: Good Interest Rate Personal Loan What Is It?

BillEase: What is it?

In 2017, the Buy Now, Pay Later service BillEase was introduced.[3] It is the flagship offering of First Digital Finance Corporation, a financial technology startup that is causing quite a stir in Southeast Asia’s retail credit industry. 

Lendable, an emerging market loan provider, provided US$20 million in capital to BillEase in April 2022 so that the company may grow and offer new financial products shortly.[4]

The BillEase Loan app serves as a one-stop shop for e-wallet top-ups, prepaid mobile load, and gaming credits in addition to providing customizable payback options.

How Is BillEase Operational?

BillEase Loan offers Filipinos the same convenient shopping and payment options as Lazada Loan and Atome Philippines. BillEase offers two loan products via which you can borrow money: the BillEase Cash Loan and the Buy Now, Pay Later option. Following approval, borrowers are eligible for the following advantages:

• Minimal interest rate. With a monthly interest rate of 3.49% for the BillEase loan, borrowers don’t have to worry about significant additions to the principal amount. Moreover, BillEase now provides 0% interest[5] on purchases made from a limited list of partner merchants.
• Adaptable loan sum. Depending on the credit limit on your account, you can borrow up to ₱40,000 with the BillEase Loan app.
• Features are only available in apps. You can utilize the in-app capabilities to pay bills, purchase mobile loads, and top up your e-wallets automatically once your BillEase Loan is approved.

Pros and Cons of BillEase

BillEase seems promising at first, but it’s wise to weigh the advantages and disadvantages of any service before committing fully. See what works and what doesn’t in our brief 2022 BillEase review.

👍 Advantage: Speedy Registration and Approval

It will take you less than five minutes to open a BillEase account, and even less time to authenticate your account. When you’re ready, you can use the BillEase Loan app to apply for a cash loan and get accepted right away, or you can start shopping.

👍Pro: Cheaper Monthly Instalments

The low monthly interest rate of just 3.49% means that repaying your loan won’t be too much of a hassle. BillEase is a practical approach to purchase your immediate needs without going over budget as compared to other Buy Now, Pay Later services available in the Philippines.

👍 Pro: An intuitive and responsive app

The seamless and intuitive UI of the BillEase Loan app makes it simple to use. Additionally, a BillEase calculator is included, allowing you to quickly calculate your monthly payments. In addition to shopping, you can obtain gaming credits, purchase mobile loads, and pay bills.

👎 Drawback: Certain Features Are Exclusive to New Users

Although creating an account with BillEase is simple, certain features are only available to new users. For instance, the ₱6,000 starting credit limit gradually rises as you use BillEase more. Moreover, the terms of payment are twice a month for the first three months.

Con: Convenience Fees Might Be Expensive

There is a convenience fee of up to ₱20 if you want to pay back your loan with your chosen e-wallet. If you would rather pay your bills each month in the comfort of your own home, this isn’t ideal.

👎Cons: Inconvenient Alerts

You will receive notifications nonstop if you have an active BillEase Loan. You can anticipate receiving push notifications within apps, text messages, and emails on your phone. Even though it’s not a deal breaker, this is something to consider.

Buy Now, Pay Later with BillEase: A Guide

Have you made up your mind about using BillEase Loan for your upcoming shopping trip? If the advantages for you exceed the disadvantages, you’re prepared to purchase your Budo discoveries now and pay for them later. This is the method.

What is the Buy Now, Pay Later service offered by BillEase Loan?

You can use a comprehensive selection of BillEase partner merchants to pay for your purchases with an online shopping loan called BillEase Buy Now, Pay Later (BNPL). BillEase is a convenient payment alternative if you want to make a purchase but don’t yet have a credit card to assist close the gap in your budget, even if it still costs monthly interest and fees.

What Conditions Must Be Met for a BillEase Loan?

The fact that BillEase doesn’t have as stringent lending conditions as services like TendoPay is another fantastic feature of the platform. To apply for a BillEase BNPL loan or cash loan, you must be at least eighteen years old and have a steady source of income. The following documents are required:

• Most recent income documentation. Your payslip, job certificate, bank transaction receipts, PayPal transaction history, and remittance slips are examples of this.
• Evidence of billing. This covers any postpaid utility bills you may have, such as your water, cable TV, and Meralco bills. It’s okay if the billing evidence is not in your name! Just make sure your current mailing address is included in the proof of billing that you provide.
• A legitimate ID from the government

 

How Can My BillEase Loan Application Be Approved?

Since the BillEase loan is digital, the documents you submit will be the basis for the majority of the verification and assessment procedures.

The following advice can increase your chances of getting your BillEase loan approved:

• Give the most current, updated versions of the documents.
• Verify that the files you submit are precise and readable.
• Send in as many papers as you can. You may provide proof of remittances and a certificate of employment if you work a side job in addition to your regular job. Having more than one source of income will improve your chances of approval.
• Make only one application. Your chances of being accepted will decrease if you apply more than once. It is crucial to apply only once and to have all the necessary documentation.

How the Bill Should Be ProcessedSimple Purchase Now, Pay Later Choice

Following your decision to use the BNPL, you should take the following online actions:

1. Look up the item you wish to purchase from any seller that is a BillEase partner.
2. Put the item in your cart and check out.
3. When you select BillEase as your payment option, the BillEase login screen will open.
4. To make a loan payment, log into your BillEase account and select “One-time payment.” The entire amount owed and the deadline will be displayed automatically.
5. Use the one-time password that was supplied to your registered mobile number to sign a contract with BillEase and confirm your purchase payment.

Does the BillEase Loan BNPL Option Require a Down Payment?

Depending on the terms and conditions of the merchant, you may be required to make a down payment under the BillEase payment terms. A down payment equal to one-third of the item’s price is sometimes required.

For instance, if the item costs ₱30,000, you must pay a down payment of at least ₱10,000; BillEase will manage the remaining balance.

Make sure you meet the following prerequisites for a BillEase Loan before proceeding:

• Authentic, authorized BillEase account
• The product you want to purchase
• Your initial payment

You can settle the down payment by following these steps once you have fulfilled the three prerequisites listed above:

1. Go to Checkout on the merchant’s page and select BillEase as your payment method.
2. Pay the deposit. Check the reflected down payment due in your BillEase account after checking out.
3. To be taken to the screen where you may select a payment method, tap the Make a Downpayment button. You can anticipate the payment to be posted within two banking days if you select the bank transfer option. If you select online banking, the payment will be posted right away.
4. Await the verification of your payment.
5. The merchant will be ready to send your goods after they receive payment verification, which will validate your order.

What Takes Place If I Cannot Pay the Down Payment?

For your order to remain active, your down payment is crucial. The merchant may automatically cancel your order and you may forfeit any associated discounts and promo codes if the down payment deadline is missed.

Guide to BillEase Loan Cash

For additional financial needs, you can use the BillEase Loan app to apply for a cash loan in addition to a BNPL loan. This is a guide explaining how to use BillEase to access a cash loan.

What is the Cash Loan from BillEase?

Borrowers can convert their credit limit into a cashout limit with the BillEase cash loan. The cash loan amount can now be withdrawn by borrowers using Coins. ph or their designated bank account. The monthly interest rate for the BillEase Cash Loan is 3.49% as well.

How to Configure the Cash Loan Cashout Method for BillEase

Receiving your loan is made easier by setting up your cashout method. Select the approach that will make it easier for you to use.

1. Open your BillEase account and log in.
2. Select Settings, then select the Availability Method option. Your screen will provide a choice of options, which will include a Lazada voucher. To manage your cashout accounts, click the link.
3. Press the plus sign (). There will be a form.
4. Complete the form by providing the necessary details. Your bank account information or e-wallet information must be provided.
5. Return to Manage your Cashout Accounts and select Verify to confirm the additional payout method. You will receive a one-time password (OTP) on the phone number you registered.
6. After entering the OTP, select Verify.

How to Submit a BillEase Loan Cash Application

Just like with the BNPL loan, applying for a BillEase Cash Loan is simple. Simply adhere to the following procedures if you intend to submit a loan application:

1. Open your BillEase account and log in.
2. Locate the Avail Now option by selecting the Installments tab.
3. Decide which payout option best meets your requirements.
4. Select “Claim Now.”
5. Verify the details of your loan and go over your contract.
6. Using the OTP that was issued to your registered mobile number, sign the contract.
7. Await the display of the loan confirmation and disbursement details on your screen.

How to Make BillEase Loan Payments

Paying up all of your monthly obligations on schedule is crucial. To prevent late payments, you should be aware of where you can conveniently pay your monthly dues, as BillEase’s payment conditions frequently call for twice-monthly payments.

You must pay your BillEase balance to make your on-time payment. Examine these options (along with the associated payment method) and select the best fit for you.

Coins. ph

Cashing out using Coins. ph is simple. First, watch for the email that BillEase sends requesting payment. You will be taken to the payment channel options after clicking the payment request. Select Coins. ph and adhere to the guidelines.

GCash You must log into your GCash account to make a BillEase to GCash payment. Enter your BillEase account number and BillEase Loan ID after selecting the GCash bill payment option. To finish the procedure, adhere to the GCash bill payment prompts.

Bank Transfer Online

Users of BPI and UnionBank can conveniently pay their BillEase loans through mobile banking and link their BillEase accounts with their savings accounts. There are no bank fees associated with BillEase payments made via bank transfers. Enter the following information when using online banking to transfer funds for payment:

BPI:

• Identifying account: First Digital Finance Corp.
• Number of accounts: 8101 0064 77

Bank of Security:

• Identifying account: First Digital Finance Corp.
• Number of accounts: 0000-001768-090

Cebuana Lhuillier

Use the Coins.ph website to settle your BillEase loan with Cebuana Lhuillier. Select Cebuana Lhuillier as the payment option of your choice. You will be taken to a page with payment information for Coins. ph. Make a note of the information or take a screenshot and store it.

Next, head to the closest Cebuana Lhuillier location. Fill out a Bills Payment form using the payment information from Coins. ph. Present the form to the teller, and they will handle the BillEase loan payment processing. Cebuana can request ₱40 as a processing fee from you.

1. Lhuillier

Open the Coins.ph website and log in. Select M Lhuillier as your preferred payment option by clicking on Pay BillEase.

Complete your name in the spaces provided. A reference number will be provided to you, which you must give to the M Lhuillier branch of your choice. Visit the closest M Lhuillier branch with a valid ID.

Seven-Eleven

Proceed to “Pay BillEase” using your Coins. ph account information. You will be directed to a page with your reference number, the payment barcode, and further payment instructions when you choose the 7-Eleven store payment option.

Next, proceed to the nearby 7-Eleven location and request 7-Connect Payment from the cashier. Along with the payment instructions, the cashier will either utilize the reference code or scan the barcode.

FAQs for BillEase Loans

1. Is it legal and secure to use BillEase?

Indeed, BillEase is a reputable BNPL provider that has been in operation in the Philippines for more than five years. If you’ve looked for a BillEase Cash Loan review online, you’ll primarily encounter positive testimonies from pleased clients.

2. How much is the maximum loan amount I may borrow with a BillEase Loan?

The maximum loan amount that you can borrow for both the BillEase BNPL and cash loan choices is ₱40,000. Your BillEase Loan account will initially have a ₱6,000 credit limit, but this will rise the more you utilize it for online purchases.

3. What is the BillEase initial loan amount?

On your initial loan application, you are eligible for a credit limit of ₱6,000, payable in six installments over three months. The more you utilize BillEase for online purchasing, the larger your BillEase second loan amount may eventually become.

4. How should I utilize the loan calculator on BillEase Loan?

Before deciding to apply for a BNPL loan, you can calculate your monthly payments using the built-in calculator in the BillEase app. To utilize it, go to the app dashboard, choose Stores, and choose your preferred retailer. Next, select your desired down payment and loan amount using the slider. After that, your monthly payments will be calculated automatically.

Additionally, the app has a BillEase cash loan calculator that lets you figure out how much your cash loan will cost each month. To utilize it, select Cash Loan from the dashboard and adjust the loan amount and terms using the slider. Additionally, your monthly payments will be calculated automatically.

5. How can I purchase goods from Kimstore and other online retailers using BillEase Loan?

BillEase is a payment method accepted by well-known online retailers including Lazada and Kimstore. Simply select Kimstore and Shops from the app dashboard to begin your Kimstore-BillEase experience. After that, select your desired down payment and loan amount, then click Apply Now.

6. Is it possible to move money from BillEase to GCash?

Indeed, you can apply for a cash loan and request that the money be sent to your GCash account. Simply select GCash as your disbursement method when submitting your BillEase Cash Loan. The loan funds will be directly deposited to your GCash account upon approval of your loan.

7. Is it possible for me to have two current BillEase loans at once?

No, you can only have one BillEase loan open at any given time. Before you may apply for another loan, be it a cash loan or a BNPL, you must pay off your current one.

Last Words

You don’t have to empty your money at every online store you visit. BNPL choices, such as BillEase Loans, are excellent substitutes for financing your immediate or impulsive expenditures, regardless of whether you’re buying for necessities or just the newest technology. You are free to shop as long as you are accountable for repaying your loans.

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