Flashtik – Shopee Paylater has the same system as other online loan-based loans. It’s just that not many people know how much Shopee Paylater is fine as well as the interest charged on each payment. Basically there must be a fine for late payment, the same as credit to other financial institutions.
The existence of this fine is also what should make prospective borrowers think again before applying for credit. If only to buy items that are not really needed, you should delay it first. Fines will increase if payment has not been made.
How Much is Shopee Paylater’s Fines and Interest on Loans
There are several risks that will be borne if you are late in paying the loan that has been disbursed. How much is the Shopee Paylater fine, the interest and risk that must be borne by borrowers will be explained below. Likewise, an explanation of the requirements for applying for credit.
Interest at Shopee Paylater
The smallest interest charged on this loan is 2.95% per month. The loan installment period itself consists of 2 months, 3 months, 6 months, a maximum of 12 months. The interest charged depends on the amount of loan funds that were successfully disbursed as well as the installment period.
Shopee Paylater fines
The fine that is calculated if you are late paying is quite large, because it is calculated per day. The late the payment, the more the fines will also increase. The amount of the fine that must be paid is 5% of the ongoing loan. Therefore, you should not be late to pay.
Risk of Late Paying Shopee Paylater
Apart from being subject to a fine of 5% on overdue loans, there are also other risks. The first risk is the restriction of vouchers that are usually found at Shopee. Second, the borrower’s Shopee account can be frozen if there is no payment. Lastly is the bill made by debt collector directly.
Requirements for applying for credit
Applying for credit through Shopee Paylater does not require too complicated terms. Prospective borrowers only need to have a Shopee account that is 3 months old and makes frequent transactions. Accounts must also be verified and use the updated Shopee.
This is an explanation of how much Shopee Paylater fines must be paid and the interest on the loan. Even though the submission is very easy, it should not be done unless you are in a state of urgency. Hope this explanation helps you.