What will happen if I didn't pay my Shopee pay later?

The Consequences of Missing a ShopeePay Later Payment

ShopeePay Later (SPayLater) offers convenient payment options, but missing a payment deadline carries significant consequences. Understanding these ramifications is crucial for avoiding financial penalties and maintaining access to this popular service.

Failing to repay your ShopeePay Later balance by the due date – the 1st, 10th, or 20th of the month, depending on your chosen repayment schedule – will trigger a series of actions. Firstly, and most importantly, your ShopeePay Later account will be suspended. This means you’ll lose immediate access to the service, preventing you from using SPayLater for future purchases. This suspension remains in effect until the outstanding balance is settled in full.

Beyond account suspension, you’ll also face a late payment fee. Crucially, as of September 26th, 2024, this fee has changed. The late payment fee is now capped at the lower of RM10 or the outstanding principal amount. This means if your outstanding balance is less than RM10, the full amount will be charged as the late fee. However, if your outstanding balance exceeds RM10, the late fee will remain at a maximum of RM10.

It’s important to note that this is not simply a minor inconvenience. Consistent late payments can severely impact your credit score, making it harder to obtain loans or credit in the future. Furthermore, Shopee may pursue further collection actions if the debt remains unpaid for an extended period. These actions could include contacting you directly or engaging a debt collection agency.

To avoid these penalties, diligent payment management is key. Set reminders on your phone or calendar to ensure timely repayments. Understanding your repayment schedule and the due date is paramount. If you anticipate difficulty meeting a payment deadline, contacting Shopee customer service proactively to discuss potential payment arrangements is strongly recommended. Open communication can help mitigate the negative consequences of a missed payment. Remember, responsible use of credit facilities is essential for maintaining a positive financial standing.