facebookWhat is an online shopping loan?

What is an online shopping loan?


Have you had trouble paying online purchases because you don’t have a credit card and enough cash?

Online shopping loans are among the common ways to address this problem. It allows you to make online purchases without worrying about paying the whole amount right away.

Online shopping Lazada - How it works

The purpose of any loan is not to give you instant money; its purpose is to provide you with an option to divide the original cost into smaller and manageable amount. They do this by spreading your initial payment into several months which you pay with interest.

The interest rate depends on the money lender. Banks offer loans online and have the highest interest rate which can range from 6% to a whopping 16% per year. You can also borrow money from financial technology companies that give credit to their customers which they can use to buy items from online platforms such as Lazada.


The downside of online shopping loans is what you receive from fintech companies would usually be in the form of credits and not cash. And while there are third parties who offer credits conversion to cash or other forms of cash such as Gcash exist, there is a very high chance that you will be scammed. And even if they’re legitimate, you would have to pay around 5% to 10% of the total credits you need to get converted (which you have to pay on top of the actual loan interest). That doesn’t sound like a fair cut, right?

On a brighter note, these credits can be used for online shopping Lazada and other platforms like Shopee (SPaylater), Zalora, and SHEIN.

How can I get an online shopping loan?

Requirements for online loans application can vary from one Lazada partner to another. Commonly required documents are proof of billing, proof of income, and at least 1 valid ID. Others may require more, but it would be best to prepare all your documents before applying for a loan.

When your documents are ready, go to the online application platform and fill out the forms. You can also upload your documents through the portal. Once your application is complete, you will receive an email or text message informing you of the status of your application.

Money lenders would also check if you have a stable job or source of income to assess whether you are capable of paying your loan. They would also check if the information you submitted are correct and legitimate. Your credit history will also be checked, because if you have a history of not paying your loan, your application will most likely be declined because of the risk that you will not be able to pay back the money that you borrowed.

Be careful, though. Some platforms will not save your application if you go back or refresh the page. In most cases, this will automatically deny your application and you have to wait a while to re-apply.

And make sure that the money lenders are a legitimate company and their platforms are secure.

Are online loans secured?

Most online shopping loans are secure and safe. However, you have to make sure that:

  1. The money lending company is registered with the Securities and Exchange Commission with a valid registration number. You can check them here.
  2. They should also ensure that all channels, from your application to your monthly payments, are secured.
  3. Legitimate money lenders will not ask for additional payment on top of the loan interest such as processing fees, documentation fees, etc.
  4. They should not communicate with you outside of their official channels. If they have 3rd party representatives, make sure that they are registered and legitimate companies with authority to transact on behalf of your creditor.

Be wary of sharing details of your account with anybody else as these may be used to make transactions without your knowledge. And make sure to include your monthly loan installments in your budget so you don’t get late payment charges or penalties.


Looking for affordable Lazada shopping loans with flexible payment options? Apply for an UnaPay Lazada loan in less than 5 minutes!

With UnaPay Lazda loan, you can borrow up to P50,000.00 and has a low interest rate of 5% which you can pay on a semi-monthly basis. You only need 1 valid ID, proof of billing (even if it’s not in your name), and proof of income.

UnaPay is a legitimate registered company in the Securities and Exchange Commission (SEC) under the Digido Finance Corp., so you can be rest assured that all your transactions with UnaPay are secured and authorized.

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