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Have you ever been in a situation where you badly needed an appliance, a phone or probably those diapers on sale? You looked at the price and it’s not too expensive but you just don’t have cash on hand or a credit card to use.
How we all wish there’s an installment option we can use for online purchases, right? Tee and I discovered that you can purchase in Lazada for an online installment plan that is made possible through Billease.
What is Billease?
Billease is an online installment company partnered with Lazada that allows you to shop online and pay it at a later time. Billease is a brand name under First Digital Finance Corporation – a Fintech company based in Manila, Philippines. The company aims to process faster and more accessible credit, to meet Filipino consumer needs.
Although e-commerce is a booming industry, internet shopping via installment plans is not possible yet. Billease makes it possible for the younger generation that has no credit cards yet. Especially when banks in the Philippines make it so hard for us to apply for credit cards.
- Buy now pay later
- Cash loan available
- Easy online application
- No collateral required
- No co-maker required
- Interest rate starts at 2.5%
- Limited online stores to shop
- ₱50 late payment fee per day
Things to consider before applying to Billease
Sometimes, installment plans are not for everyone. You don’t want to drown yourself in debt just because you want that newest gadget. Also, you need to prepare the documents that you need to submit to get the credit approval. Of course, the credit company wants to be sure that you’re a legit person and that you are capable of paying your installment plan.
As I mentioned earlier, getting an installment plan may or may not be for you. Billease is best for people who do not have cash on hand, a bank account or credit card but have a stable job with a monthly income or anticipating funds in the foreseeable future. Here’s the danger (that word seems scary but appropriate): because of its accessibility, you might be tempted to make purchases even when you don’t really need to.
Just like any other installment company, it is a standard operating procedure to ask for supporting documents to verify that you are capable of paying the loan you’re trying to avail. So make sure that you meet the requirements in order for you to avail of the Billease installment plan.
You have to be in a legal age, have a stable job and have valid government Identification. To prove that you are earning and is capable of paying, you need to submit a proof of income ie. your payslip. They might also ask for proof of billing to verify your information.
Billease Features & Benefits
Since Billease is used for payment in online transactions, they made sure that everything is 100% online. From submitting your application, submitting the documents, checking your credit limit and even making payments.
They have an app available in both Android and iOs so you can check your account with convenience. Some of the things you can see on their app are:
- Your active and closed Installments
- Payment Schedules
- Payment confirmations
- Transaction Details
- Loan Agreement and Disclosure Statement
- Top Up options
- And Promotions
1 DAY APPROVAL
Billease promises a one banking day response for your application. Billease will send you an email as soon as your application is approved or otherwise. Just make sure that once you submit your application, all necessary documents are submitted for smoother and faster approval.
Billease offers a minimal interest rate starting at 2.5%. Some loan shark’s interest rates start at 10% up to 20%. And that is just too much. With Billease, you don’t have to worry about interest rates as they don’t want their customers to be burdened by such high rates.
Before you sign your contract with Billease, they will send you Terms and Conditions that you have to read so you know what the possible fees are. Please make sure to read it as very important details of your installment are there. Filipinos are not fond of reading Terms and Conditions but I think it’s time for a change, you know.
Examples of fees that may be disclosed are their ₱50 per day late payment fee, Service charges and a ₱20 fee for bank cashouts for cash loans.
Yes, you heard that right or read that right, Cash Loan. Billease not only offers online Installment Plans, they now offer cash loans. Cash loans are not always available for new creditors. Around your 3rd loan, you can already avail of the cash loan. They will turn a portion of your credit limit into a cashout limit which you can withdraw through your preferred bank account(s) or your Coins.ph account.
How great is that?
PAYMENT LINKS AS REMINDER
Do you know how sometimes we’re too busy to think about due dates? I admit I get too overwhelmed with my son and house chores that I forget what day of the year it is. The good thing about Billease is they will send you payment links through text message as a reminder that your payment is due, and it will also help you avoid that ₱50 per day late payment fee.
FREQUENTLY ASKED QUESTIONS:
How do I avail Billease?
Easy. All you have to do is thoroughly fill up their online application form that is available on their website. They will reach out to you through email regarding your application in one banking day.
As soon as you receive an email from them about your credit, log-in to Billease and you can already start topping up your Lazada Wallet.
This usually takes around 24-48 hours before it will be credited to your Lazada Wallet.
Once topped-up, you can already check out from Lazada and select Lazada Wallet as your payment option.
What are my payment options?
They are accepting payments through these channels:
- Cebuana Lhuillier
- Bank Deposit or Online Transfer
In conclusion, BillEase is very helpful. You just have to make sure that you have the capability to pay for it. And with that minimal interest rate, it’s not going to be that hard.
It’s a very useful installment loan if you don’t have cash on hand and need to buy from Lazada or if you need cash urgently. The best thing about it is you don’t need a credit card or a co-maker to avail, and you won’t be burden by hefty interest rates.
Have you ever tried Billease? What are your thoughts?