Shop Now , Pay Later!

Through the decades, loan facilities have been around for businesses and individuals alike. Loans have been existing since the ancient times where loans take the form of trade agreements payable in installment transfer of goods and services. In today’s modern society, multiple ways to obtain credit have emerged. Banks have offered a wide range of services to cater not only to the biggest entrepreneurs, to startups, but also to employees, and small businessmen. The purposes of their loans widely vary. Most businesses obtain loans to fund their expansion, to maintain liquidity, and to grab opportunities or avoid huge losses. On the other hand, individuals usually obtain loans in the form of installment payments for their wants and needs such as housing, service vehicles, appliances, and gadgets.

In this article, we’ll tackle the latest and most convenient loan services offered online. We’ll also talk about the processes they go through when applying for a loan.

1. Credit Cards

Let’s start with Credit Cards. This is the tried and tested way of obtaining credit. However, applying for a credit card takes some time compared to the other loan companies mentioned here. While some banks have already provided for quick online Credit card application, Credit card applications typically involve tedious approval processes due to the heavy regulations to banks, coupled with a usually outsourced customer support and document review process. This process takes quite some time before applicants could actually use the credit card. In this day and age where people want to do everything fast and online, credit cards are at a disadvantage. However, if you already have one, credit cards provide some of the most secure, convenient, and flexible payment terms there are.

2. Gcash (GCredit)

GCash is one of the most widely used digital wallets in the Philippines. Due to the pandemic, there has been a massive shift to e-commerce. Online shopping, online bank transfers, online payment methods, real-time delivery services for food, toiletries, groceries, etc. have forced businesses to create an online presence and move a part or all of their operations online. With this, Gcash has brilliantly positioned itself to be a digital wallet available to a lot of people. The simplistic idea was to provide an easy way to create a digital wallet without much verification. It started with using the phone numbers of their subscribers as their main registration requirement. This made it very easy for users to access their services and was made available at absolutely no cost. They added services such as cash transfers, prepaid loading, and even a forest which lets you contribute against global warming. But one of its key features now is its GCredit.

GCredit allows you to loan up to P10,000.00 credit line with as low as 1% interest rate per  month. There are no annual fees here. To use GCredit, a GCash user needs to increase his GScore by using GCash in his transactions. The more a user transacts using GCash, his GScore increases. After reaching a certain number of points, the GCredit limit will increase. GCredit  may be used to pay bills, selected online merchants, and QR partner scores nationwide. The next time you are short in cash and you have zero balance in your GCash account, you may use the GCredit when paying transactions through GCash QR codes.

3. Home Credit

Home Credit is probably one of the most prominent appliance and gadget loan facility in the Philippines. Without a credit card and with only 2 valid IDs, the approval process can be as fast as an hour or less. This option is popular among those who don’t want the hassle of opening a bank account or applying for a credit card with any of the major banks, and want the convenience of just simply going to the appliance store, filling out some forms and taking out their 2 valid IDs, and . . . .VOILA! They can now bring home that refrigerator, that iPhone, that laptop and/or air conditioner. Also, starting 2018, they have launched their Home Credit app. It is available in play store and apple store. Through the app, you can now monitor your payment schedules, your existing loans, and even search for items you would like to buy using Home Credit. They also now offer Cash Loans to their customers. Upon trial, I was allowed to loan up to P116,000.000. I tried P40,000 pesos first, filled out some forms, took picture of my IDs and a selfie of myself and after a minute of submitting all these requirements . . . BOOM! Instant P40,000.00 deposited to my account. The experience was really satisfying and mind blowing. I didn’t think that I could easily get P40,000.00 out of thin air! You can now use this to buy things online, pay your bills, pay the tuition fee of your kids, and many more.

4. Shopee’s SPaylater

Shopee’s SPaylater is a featured service by Shopee that is only currently available to some users. According to the app, a user can borrow up to P10,000.00. This can be used to “Checkout” items from the Shopee app on an installment basis for a term ranging from 1 month, 2 months, 3 months, and up to 6 months. This is a really convenient way to buy a lot of products that you might actually need now when you don’t have money to pay for it.

5. Lazada’s Partner Loan Facilities

Lazada also offers installment facilities through is partner platforms, namely:

  1. Billease
  2. InvestED
  3. Paylater
  4. TendoPay
  5. Cashalo
  6. Unapay
  7. JuanHand

These platforms offer almost the same facilities and have the same approval processes. The amounts. The credit limit varies greatly starting from P2,000.00 up to P50,000.00. The terms for these loans may be as short as 15 days and as long as 24 months.

In today’s fast paced economy, fast paced transactions take precedence over slow approval processes. Convenience beats security and online transactions become the new normal. Got something you’ve been wanting to buy? What are you waiting for? Buy now!!! . . .Pay later!

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