Lazada Loans vs Shopee SPayLater Review

Online shopping platforms like Lazada and Shopee aim to make your online shopping experience better and have been butting heads to offer better deals than the other. They began offering “Buy Now, Pay Later” schemes to help customers purchase items without the burden of paying the amount all at once. But which one is better?

Here’s a breakdown of online shopping loans for both platforms, from application process to loan payments so you can gauge what platform best suits your online shopping needs.

Lazada Paylater vs Shopee Paylater - How and where to use


Shopee’s SPayLater gives you loan credits for your Shopee purchases, with payment terms of up to 3 months. However, not all merchants in Shopee accept SPayLater, so make sure that the merchant you’re buying from accepts SPayLater before checking out your items.

Lazada loans, on the other hand, are not provided by Lazada itself. Instead, Lazada collaborates with various fintech (financial technology) companies who provide Lazada loans. Some of these loan partners give loans in the form of Lazada credits while others allow you to cash out a portion of the total loan amount. You can use your credits to purchase from any store in Lazada.


Shopee partners with merchants who would accept SPayLater as a mode of payment, while Lazada has a total of 7 partners who provide online shopping loans such as UnaCash.

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Application process

How to pay SPayLater? To use Shopee’s SPayLater, you need to be pre-qualified before application. You can pre-qualify if your monthly purchase in Shopee is more than ₱2,000 or you have 10 to 25 completed purchases in the last 6 months. Once you qualify, you need to activate SPayLater by submitting a photo of your government ID, a selfie, and completing the application form. Your application will be under review for the next 24 hours. Once your SPayLater has been approved and activated, you will receive a notification that your SPayLater account has been activated and you are eligible to loan XX amount.

For the step-by-step activation process, read their instructions here.

Anyone can apply for a Lazada loan through their accredited loan partners. Requirements can vary from one Lazada loan partner to another, but commonly required documents are 1 valid ID and proof of billing. You will then submit the required documents and fill out the application form in the partner application portal or app.

Check out Lazada loan partners page to learn more about each partner’s application process. Since some of these partner loans are in the form of Lazada credits, you have to make sure that you have an activated Lazada wallet.

If you’re not sure if your Lazada wallet is already activated, you may check the process here.

Interest rate

Shopee’s SPayLater has 1% interest rate per transaction.

For Lazada loans, interest rates vary from one partner to another from 0% (on special occasions) to 8% interest rate. So be sure to check the interest rate before you apply.

Repayment schemes

Loan providers ensure convenience in paying your loans by providing various payment options.

Paying your Lazada loans can vary, depending on the loan provider. For example, UnaCash has various payment options such as payments through GCash, partner banks, M Lhuiller, 7-11 and more.

For Shopee’s SPayLater, you may pay your monthly dues through Shopeepay, Coins.ph, GCash, partner banks and other over-the-counter payments. For the complete list of payment partners, you may view them here.

Late payment interest rate

Late payments always have penalties and charges. So make sure to take note of the dates you need to make your payments. Some loan providers schedule payments in monthly installments, while others are set in bi-monthly payments (monthly amount due will be divided into two payment dates).

Late payments for Shopee SPayLater have 2.5% to 5% interest for late payments; while Lazada late payment penalties and interest vary, again, depending on the loan provider. Some has a fixed amount, while others charge a percentage of your loan each day your payment is delayed. So, depending on your financial situation and online shopping habits, choose a loan provider that best suits your needs.

Interested with a Lazada loan? Choose UnaCash’s hassle free application and easy installment plans that’s just right for you!

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