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Preamble

Dear SPayLater User, 

If you received an in-app push notification entitled "Update to your SPayLater Loan" last  November 14, 2022, this is to inform you that your SPayLater loan from SeaMoney (Credit) Finance Philippines Inc. (doing business under the name “SPayLater” and “SLoans”) has been assigned to CIMB Bank Philippines Inc. (“CIMB”) as of November 1, 2022. 

All rights and obligations under your existing Loan Facility Agreement will continue to be in effect, and all other terms and conditions pertaining to your SPayLater loan will remain valid and applicable. Also,  please note that your SPayLater loan is still payable. We strongly encourage you to continue to pay your dues on time and avoid penalty fees for late payments. 

Most importantly, there will be no changes made to your SPayLater interest rate, nor any additional admin fees or charges. You can continue to enjoy SPayLater as per usual. 

General Questions

• Who is CIMB Bank Philippines Inc.? 

• CIMB Bank Philippines Inc. is part of the CIMB Group, one of ASEAN’s leading banks present in over 16 global markets, and is regulated by Bangko Sentral ng Pilipinas as a commercial bank.
  
  

• Why is my SPayLater loan being assigned to CIMB Bank Philippines Inc.? 

• SeaMoney (Credit) Finance Philippines Inc. and CIMB Bank Philippines Inc. are working together to provide you with an even better loan experience.

• While your loans will be assigned to CIMB, you still remain as our valued customer. SPayLater will continue to support you with credit for your transactions on the Shopee platform. 

• Why am I being informed about this change?

• We are grateful for the opportunity to serve customers like you, which likewise makes us responsible to diligently observe transparency in communicating any changes or updates in our platform. Rest assured that this change will not affect your usage of SPayLater in any way. 

• If I have an issue/concern with SPayLater, who do I contact now? Can I still reach out to Customer Service in the Shopee App? 

• Please continue to direct all issues/concerns to Shopee’s Customer Service team. We are still your main point of contact for SPayLater. Kindly reach out to our Shopee Customer Service if you have any concerns.

SPayLater

Shopping and Interest/Fees

• Will the interest I am charged be affected? Are there any additional fees I need to know of? 

• No, your interest rate will remain the same and there will be no additional fees. 

• Can I still make orders with SPayLater? Or do I need to do anything differently for my next checkout? 

• Yes, you can still make orders using SPayLater. Updates and changes made in the app will not affect your experience of using SPayLater in any way.
  
  

• Will the range of SPayLater-exclusive promotions (vouchers, 0% deals), or the items/shops I can buy from be affected?

• No, SPayLater-exclusive promotions, deals, and vouchers will not be affected. Please continue to visit the Shopee app to stay tuned for exclusive promos. 

Repaying SPayLater

• Will the dates I need to repay my existing loans change? Or will the amount I need to repay change? 

• No, please repay your loans based on the same due dates and outstanding amounts - there is no change in your repayment obligations

• As a reminder, if your:

• Bill date falls on the 25th of every month, your outstanding loan amounts fall due on the 5th of the month

• Bill date falls on the 5th of every month, your outstanding loan amounts fall due on the 15th of the month

• Remember, too, that late repayments will result in a monthly late surcharge of 5% on overdue amounts. We strongly encourage you to continue to pay your dues on time and avoid penalty fees.
  
  

• What about future loans - will the dates change or will I need to pay anything extra? 

• No, there will be no changes to repayment dates and amounts for future loans, everything remains the same.
  
  

• Are there any changes to the way I can repay my loans? 

• No, you can continue to repay your loans using your preferred payment channels (e.g. GCash, ShopeePay, 7-Eleven, and more).

Others

• Will there be any changes to my credit limit? 

• No, your credit limit will not be affected by this assignment.

Learn more about SPayLater.