Buzz
The buy-now-pay-later service SPayLater is becoming a new trend on the Shopee e-commerce platform. If you use SPayLater, can you pay before the due date? How to make early payments? Let Mytour guide you!
1. What is SPayLater?
SPayLater is known by various names in advertising campaigns, such as "Buy Now, Pay Later" or "Shopee Installment Shopping." Simply put, SPayLater is a service that allows users to pay for Shopee purchases (shopping, Shopee Food, bills, etc.) without immediate payment. The amount can be paid after a certain period. Essentially, SPayLater functions like a credit card, enabling users to shop with a specific credit limit and requiring repayment before the due date. SPayLater is currently seen as a promising financial product on the Shopee platform and is highly favored by many customers.
The introduction of the buy-now-pay-later service has allowed Shopee to attract millions of new customers and increase order volumes on its e-commerce platform. With SPayLater, users can shop freely without worrying about running out of funds, as long as they make payments on time according to their chosen billing cycles.
When registering for SPayLater, users need to verify their personal information, including ID cards, passports, driver’s licenses, and e-KYC for account authentication. Once verified, the system grants an initial balance of 2,000,000 VND for shopping. The SPayLater balance increases over time based on usage frequency. The more you use the installment or pay-later service, the higher your transaction limit becomes. Currently, many Shopee accounts have SPayLater limits reaching nine digits.
When using SPayLater, users can choose from various payment cycles, such as 1 month, 2 months, 3 months, 6 months, or 12 months. All loan terms come with a fixed interest rate.
The SPayLater service does not charge annual fees or additional service fees. All interest payments are clearly outlined in the user’s confirmation statement. Apart from the loan interest, users are not required to pay any extra charges.
2. Monthly Payment Deadline for SPayLater
Regardless of when you make a purchase, SPayLater enforces a universal payment rule for all users on the 24th of the following month. This results in two possible scenarios:
- Purchasing with SPayLater before the 24th: The payment invoice will be generated on the 24th of the following month.
- Purchasing with SPayLater after the 24th: The payment invoice will still be generated on the 24th of the following month.
From the above, it’s evident that buying with SPayLater before the 24th offers more advantages due to a longer payment cycle while maintaining the same interest rate. This is an intriguing feature of SPayLater.
SPayLater payment invoices are generated on the 24th of each month, allowing users to settle their bills at that time. The final payment deadline is the 10th of the following month. If customers fail to pay their invoices between the 24th and the 10th, they will be moved to the 'Late Payment' group and incur specific fees.
The overdue group in SPayLater does not charge interest based on the loan amount but instead applies a 'Fixed Penalty Fee.' If the payment is not made by the 10th of the cycle, customers will face an additional late payment fee of 30,000 VND (regardless of the loan amount). This fee will be directly added to the next cycle's invoice.
3. How to Pay SPayLater Early
SPayLater invoices are generated starting from the 24th of each month, and customers can make payments from the 24th until the 10th of the following month. Outside this period, payments cannot be processed. This means even if you have the funds, you cannot pay your SPayLater bill before the due date.
Can subscribers of SPayLater with cycles of 02, 03, 06, and 12 months settle their payments in one go?
For customers who have signed up for installment plans with cycles of 2 months or more, payments must still be made monthly, and early settlement is not an option.
This is a significant drawback of the SPayLater service.
How can you ensure timely payments for SPayLater?
SPayLater allows users to make payments starting from the 24th of each month, so you can top up your account and settle payments during this period. Notifications are sent on the 24th, 5th, and 10th to remind users about their loan obligations. Upon receiving these alerts, simply open SPayLater and select 'Pay Bill' to settle your dues within the deadline.
In this article, Mytour has provided you with all the essential details about the buy-now-pay-later and installment purchase service, SPayLater, on the Shopee e-commerce platform. Wishing you a great day!
