Shopee is gradually expanding its digital financial services with the rollout of SLoan. This is a Shopee personal loan product with a similar interest rate to SPayLater. At the moment, it is being offered to selected users and the SLoan feature will appear in your Shopee profile below “My Wallet” if you’re eligible.
According to Shopee’s FAQ, SLoan is a digital financing solution which gives consumers more financial flexibility to meet their needs. It promises to offer easy application and fast approval within 24 hours. Users can choose from flexible payment terms and repay securely through online banking or Shopee Pay.
From the screenshot, it appears that SLoan is powered by SeaMoney and they offer credit up to RM100,000. The maximum disbursed amount depends on the individual eligibility. It is open to Malaysian citizens and permanent residents aged 18 years and above.
The FAQ states that SLoan charges an interest rate of 1.5% per month or 18% per annum on the loan amount. A 0.5% stamping fee will be deducted upfront from the disbursed loan amount when the application is successful. You can also withdraw the loan to your online bank account and Shopee charges RM5 per withdrawal. Users can withdraw a minimum of RM1,000 and subsequent withdrawals are required to be in multiples of RM100. Users are given the option to repay the withdrawn amount over a tenure of 3, 6 or 12 months.
If you missed the payment due date, SLoan charges 8% per annum on overdue monthly instalments and it is calculated on a daily basis. For example if your repayment amount is RM3,000 and you’re overdue by 10 days, the late payment penalty would be RM3,000 x 8% x (10/365) = RM6.58.
The repayment date is exactly 30 days after you sign the loan agreement via PIN or OTP verification. Once approved, the amount can be disbursed instantly to Shopee Wallet instantly while disbursements to bank accounts may take up to 1 day.
SLoan might be new in Malaysia but Shopee has released this feature earlier in other markets including the Philippines. You can learn more about SLoan on Shopee’s FAQ.
Special thanks to an anonymous tipster.
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