About lender
UnaPay Philippines is a genuine financial lending institution offering online shopping loans with flexible repayment schedules to meet financial needs of their customers all over the country. The service allows its clients to buy now and pay later via their Lazada Wallet.
UnaPay was founded in 2020 with the aim of providing a “buy now, pay later” (BNPL) installment plans. This option gives the flexibility and ease of a credit card without the long and strict application procedure. Apart from a “buy now, pay later” scheme, the company also offers Salary Loan service for those clients who need early access to their salary to get money before their actual payday. UnaPay is registered under the name Digido Finance Corp, and it operates in the Philippines.
UnaPay enables both in-store and e-commerce retailers to give their consumers flexible interest-free partial payments as an option at the point of sale, without the need for a credit card. The service is compatible with users’ current payment systems. Having this alternate payment option available to companies implies improved conversion rates, larger basket sizes, increased consumer satisfaction, and fewer obstacles to buying, among other advantages.
Pros and cons
With its flexible plans, simple application procedure, and low-interest rates, the “buy now pay later” (BNPL) service is quickly becoming a popular alternative to credit cards in the Philippines.
Pros
- It is convenient and fast to get money
- Simple set-up and approval procedure
- Spread out payment plans
- An alternative to expensive credit card options
- No processing fee
- No registration fee
- Flexible funds management
- Early access to your salary when needed
Cons
- Auto charging
- Can encourage impulse buying
- Late payment fees
Why to choose UnaPay Philippines?
Shoppers choose BNPL service because of the many advantages it offers them. First, it can increase affordability or makes a greater purchase frequency cheap. BNPL has no interest costs, in contrast to typical credit products. Besides, many BNPL products are pretty straightforward – they are accessible almost immediately at the time of purchase and need just a few procedures – and may not require a typical credit check to be completed.
However, since there is no standard structure for BNPL services in the Philippines, ‘genuine’ BNPL products and other credit products like UnaPay are often confused or conflated, which leads to confusion and misinterpretation of BNPL products in the country. Some consumers point out auto charging and late payment fees as potential cons of using this service.
