What is the penalty for overdue payment in Shopee?

Shopee SPayLater Overdue Payment Penalty

Shopee’s SPayLater service, a popular buy-now-pay-later option, enforces strict payment terms to maintain financial discipline and ensure timely settlements. Customers who fail to meet the established payment deadlines may incur penalties.

Late Payment Fee

For overdue payments, SPayLater charges a late payment fee. This fee serves as a disincentive for delayed payments and encourages timely repayment. The amount of the late payment fee is capped at a maximum of RM10. However, it’s important to note that the fee is not fixed at this amount.

Outstanding Principal Cap

In addition to the fee cap, SPayLater also imposes an outstanding principal cap. This means that the late payment fee cannot exceed the outstanding principal amount at the time of the overdue payment. For example, if you have an outstanding balance of RM5 on your SPayLater account and fail to make a payment on time, the late payment fee would be capped at RM5.

Continued Use Dependency

Continued use of SPayLater is contingent upon adherence to the established payment terms. Customers who repeatedly incur late payment fees may face restrictions or suspension of their SPayLater account. This highlights the importance of timely repayment to maintain eligibility for SPayLater services.

In summary, Shopee SPayLater levies a capped late payment fee for overdue payments. The fee amount is capped at RM10 or the outstanding principal, whichever is smaller. Customers are urged to make timely payments to avoid penalties and maintain their eligibility for SPayLater services.