Photo credit: Shopee
Shopee has quietly launched a new financial services product called SLoan for select users in Malaysia.
SLoan is already available in other Southeast Asian countries such as the Philippines, Indonesia, and Thailand but under different names. It is known as SPinjam in Indonesia and SEasyCash in Thailand.
Eligible Shopee users can get access to loans at “competitive interest rates, with flexible options to repay in 3, 6, or 12 months (12 months available to selected users only),” according to the company website.
The credit limit for the service is based on Shopee’s internal credit assessment criteria for eligible buyers. Once an eligible user activates the SLoan service on their Shopee account, the loan amount will be credited to their ShopeePay wallet. It can then be used for shopping, sending money, and withdrawals via bank transfer.
The company will charge an interest of 18% per annum on the loan amount, according to a report.
Tech in Asia has reached out to Shopee for more details.
See also: Sea Group enters choppy waters with latest Malaysia deals
Editing by Arpit Nayak
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
