Shopee is one of the most dominant online selling platform currently here in the Philippines and one of its popular feature is Shopee's SPayLater. This gives any qualified individual a credit line which they could then use to pay for things that are listed in its platform.
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Here today is one tool which I've curated based on details readily available on its help center. The Shopee SPayLater Installment Interest Calculator is a tool whose primary focus is to give individuals who has not yet applied for an SpayLater an overview of the interest rate and processing fees of an item based on its principal amount. To use this tool, it has been decided that the processing fee will start off at a base of 1% and an interest fee of 3%. Should these setup raise some eyebrows, let me give you an insight.
According to the information provided at Shopee's help center, processing fee ranges from 0-2% of the total amount and 1-5% per month on total order. While the processing fee is fixed on that range, the interest rate states otherwise.
"The interest rate will be based on your personal credit profile"
Since the credit profile is something that most of us don't know or have an idea to figure out, I've personally set it to the closest possible rate I could get when trying to view items payable on installment at the Shopee app. Another note that is clearly visible on the lower part of Shopee's help center page mentioned above, "Interest rates may vary for items from different product categories".
Given the range and no clear indicator on the charges added to make it in installment I've decided to put the selection on range input so you could simply slide the bar and have a glimpse of the total and monthly amount when buying an item in installment using Shopee's SpayLater.
Should you have any concerns, clarifications and/or probable corrections, please don't hesitate to drop your comments down below.
NOTE: The results of this tool are purely estimates and not FINAL. Please check it out for yourselves at the Shopee app should you want to have proper and actual visuals.