Shopee has broadened its range of digital financial services to incorporate a personal loan product named SLoan. While currently only accessible to a limited group of users, the service is expected to become available to more users.
Users’ credit limit will be pre-established, determined by factors such as their credit utilisation and payment history, among other considerations. It will not be possible to apply for an increase in the SLoan credit limit. However, Shopee may review users’ accounts periodically and adjust the credit limit at their discretion.
The latest SLoan service will offer loans with a repayment tenure of three, six, or twelve months, with interest rates of 18 percent per annum. Users can borrow up to RM100,000. However, for the first transaction, they need to withdraw a minimum amount of RM1,000, and any subsequent withdrawal should be in multiples of RM100.
Users must activate the SLoan service on their Shopee account to apply for the credit limit. However, the service must first be offered to them.
Shopee has introduced SLoan in several of its markets, including the Philippines, Indonesia, and Thailand, in addition to Malaysia. However, the service’s name may differ in some regions; for example, in Indonesia, it is known as SPinjam, while in Thailand, it is recognised as SEasyCash.
