Lazada Loans: Personal Experience

With all of these sales going on in online shopping giants like Lazada, you are definitely gonna want to take advantage of it and buy as many items as you can. For some, buying high ticket items is a bit of a stretch especially if you don’t use your credit card or if you don’t have any credit card to make the payments a bit easier by paying on a monthly basis. I’ve stumbled across a feature that Lazada has recently offered that enables you to buy items and pay for it on a monthly basis without any credit card.

Before I share my story and this cool feature that Lazada offers, I have a little disclaimer.

First, I would like for you guys to make sure that you can commit to paying the monthly dues with this feature. It is your responsibility to pay those dues once you tried this feature out. Second, I have the means to pay the item in full, I just tried this to see how the process looks like and how it might be helpful to others so I can share my experience as well. Lastly, these kinds of things should be taken as a “tool” to help you with your cash flow and not putting yourself in debt just so you can have whatever it is you’re gonna buy.

Again, be responsible customers and if you can’t really keep up with the monthly payment, I’d suggest you just save up until you can buy stuff. Okay? 

Pre-Requisites(These are applicable only to SOME of the providers, but it would be best to have them before applying as well)

• Valid IDs (at least 2)
• Proof of Income
• Proof of Address(Utility Bills named under you, etc)
• Downpayment (This is dependent on the provider if they require downpayment)

What You Need

• Activated Lazada Wallet
• Choose Where To Get Loan
• Apply For A Loan (Pera247 is what I used for my purchase)

Activate Your Lazada Wallet

Before you can get to the Loans, you must have an activated Lazada Wallet first. This can be done using the steps below. 

For Mobile App

1. Login to your Account
2. Click/Tap on the WALLET ICON
3. Click Activate Your Wallet and Send Code, an OTP code should be sent to your registered mobile phone.
   

   
4. Enter it in the field and click on VERIFY MOBILE NUMBER
5. You have now Activated your Lazada Wallet

For PC

1. Login to your Account
2. Click on the Top Right Corner and select MANAGE MY ACCOUNT

3. Select LAZADA WALLET in the left column

4. Click Activate Your Wallet and Send Code, an OTP code should be sent to your registered mobile phone.
5. Enter it in the field and click on VERIFY MOBILE NUMBER
6. You have now Activated your Lazada Wallet

Choose Where To Get Loan

After activating your Lazada Wallet, you may now choose where to get your Loan. Please note that these service providers charge interest and have different procedures on approving your Loan. 

Here’s how you can choose a Loan Provider:

On Mobile App:

• Click on the WALLET Icon in the home page of Lazada App
  

  
• Select LOANS
• Choose any of the 4 available “filters” 
• You can choose lowest interest rates, highest loan amounts, longest durations and fast approval providers.

• Once you select a filter, you will be shown Loan Providers and you just have to select which one you like to use.
• NOTE: Each of them has different procedures and ways on how to fund your loan.
• Select any of these providers and then FOLLOW their instructions.

Applying for a Loan(My Experience)

I was planning to buy this portrait lens that costs about Php 19,000 inclusive of delivery fee from an online seller in Lazada(which I also know has a physical store in Manila, and known in the industry). Upon stumbling this feature of Lazada, I was ready to pay cash in full to this seller. However, I got curious as to how this will work that’s why I also made this tutorial. 

Anyway, after choosing where to get my Loan, I chose pera247, I did their instructions. I’ve actually also check out the process from other providers and most, if not all, will make you fill up a few details about yourself through their app or their website. 

Other steps include:

• Filling up a form about your work status, list of secondary contact persons, some even ask for a “co-maker” or a co-loaner. Etc
• Submit photos of your valid IDs and a Selfie holding your valid ID
• Send proof of income, bills named to yourself, etc.

My loan have been structured like this:

• 6 months to pay
• Php 3200/ month
• 5% interest

Next, I waited for about 2-days until my loan was approved. I received further instructions from the app to upload 2 screenshots. One for the item in my cart showing the cost/price of the item and the other was a downpayment of sorts that is to be in your Lazada wallet. In my case, I had to cash-in Php 3800. 

After that, I waited another 3 days for their “checking” of the screenshots provided. As per the app, they normally do it in 1 day, but since there’s a lot of people trying to get approved as well, they extended the checking time. 

Long story, short, I got fully approved of the loan and waited a few hours to have my Lazada Wallet credited with the loan amount I asked from them. 

After seeing that my wallet have the full amount, I went on to pay for my order in my cart and it went through smoothly. 

My thoughts on this feature

I think it’s really helpful to those who want to be able to stretch their budgets by paying for their orders in Lazada in a monthly manner. The process is fairly straightforward and while it did take a while, I didn’t expect it to be that smooth of a transaction. 

It’s also similar to how Home Credit works in stores and once approved you get to order your items from Lazada with ease. The convenience of the process makes it also appealing since everything I did was In-App. No phone calls, no visiting of offices/banks, etc. 

What do you guys think of this feature? Is it something you’ll be inclined to use? 

Overall, I think it’s a good way to purchase big ticket items in Lazada without using a credit card or if you don’t have one. You just have to make sure you’re buying from Trusted sources. :)

Btw, here's what I purchased from this experience. Viltrox 85mm f/1.8 for Sony
I have an unboxing and video test video on my youtube channel. If you're interested, here's the link:
https://youtu.be/5whKi-cRX2I

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