Details of Installment Fees, Interest, and Fines Shopee PayLater All

JAKARTA, KOMPAS.com – Shopee PayLater or SPayLater is a loan or installment product available in Shopee e-commerce.

ShopeePayLater is one of the options or payment method options that can be used to make transactions in the e-commerce.

Excerpted from the Shopee help page, help.shoopee.co.id explained, SPayLater products are provided by PT Commerce Finance as well as other parties who work with PT Commerce Finance to provide loans.

Also read: Complete Tutorial How to Become a Shopee Seller

PT Commerce Finance has also been directly supervised by the Financial Services Authority (OJK).

SPayLater is different from ShopeePay which is an e-wallet or digital wallet service.

Shopee PayLater provides loans to buyers who make transactions through Shopee.

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The loan must then be repaid or returned according to the installments that have been selected.

The available Shopee PayLater installment options are three months, six months, up to 12 months.

Then how much is the Shopee PayLater installment fee?

Also read: Confused Using Shopee Seller Center? Here’s How

Shopee Paylater installment fees consist of interest rates and fees.

The installment amount includes a minimum of 2.95 percent Shopee PayLater interest for the Buy Now Pay Later program which is completed within 1 month and installments completed within three, six, and 12 months.

In addition, there is also a handling fee imposed by Shopee, which is 1 percent.

An example of the calculation, if A buys goods for Rp. 100,000, then when he chooses the 1-month PayLater option, then when it is due the price he has to pay for the goods is Rp. 103,950.

Also read: Entering the European Market, Shopee will be releasing in Poland soon

Don’t forget, when you make a transaction using Shopee Paylater, you must immediately pay the bill before the due date.

Because, there are some risks that you have to pay when paying later than the due date that has been determined.

One of them is a fine. The Shopee PayLater fine is set at 5 percent per month of the total bill.

For example, if your total bill is IDR 100,000, then the total bill you have to pay is IDR 105,000. This number will continue to increase every month.

In addition to the Shopee PayLater fine, late payments will also have an impact on limiting access to functions in the application and the use of Shopee vouchers.

Also read: This is How to Use Traveloka PayLater Virtual Card Number

In addition, it will also have an impact on the credit rating in the OJK SLIK (Financial Information Service System) which can prevent you from getting financing from banks or other companies.

On the other hand, you will also be very likely to face billing in the field by a debt collector.

Therefore, if you use the Shopee PayLater facility, make sure you are able to pay on time.

Also read: Traveloka Adds New Paylater Shopping Transaction Feature, Check Out How to Activate and Use it

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