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Type of Charges

Definition

When is this being charged?

How Much?

Profit Rate

Nominal Profit Rate:

This refers to the fee charged for the provision of SPayLater services and is interchangeable with the Instalment Rate as referred to in our Terms of Service.

Effective Profit Rate (EPR):

This refers to the actual cost of your SPayLater bill, accounting for the gradual reduction of the outstanding balance as you make bill payments. It is calculated based on your remaining outstanding balance on each billing date. 

Note: Both terms refer to the same profit rate; you are not being charged twice. 

Profit Rate is charged on the monthly installment amount.

Nominal Profit Rate is based on the payment plan chosen and the transaction amount: 

· 1 Month - No charge

· 3 Months* - 1.5% per month / 4.5%

· 6 Months - 1.5% per month / 9%

· 12 Months - 1.5% per month / 18%

· 18 Months - 1.5% per month / 27%

· 24 Months - 1.5% per month / 36%

*For 3 months, no profit rate charges apply to Shopee marketplace platform checkouts, where you can see a 0% profit rate on the checkout payment options page. 

However, 3-month profit rates still apply to ShopeeFood, Insurance, Prepaid services, Bills & Tickets, and payments made outside the Shopee app (both in-store and online).

Late Charge

Refers to the penalty charged if a user doesn’t pay their SPayLater bill by the due date. Monee will freeze the user’s SPayLater account if payments are late.

Late Charge is incurred when users do not pay the SPayLater bill after the due date.

RM10 or the principal bill, whichever is lower.

· If the principal bill exceeds RM10, the late charge will be RM10

· If the principal bill is below RM10, a late charge will match the principal bill

Payment Plan

1 Month

3 Month

6 Month

12 Month

18 Month

24 Month

36 Month

48 Month

Effective Profit Rate  (annual)

No charge

26.80%

30.23%

31.72%

31.76%

31.46%

30.59%

29.70%

Nominal Profit Rate (monthly)

No charge

1.5%

1.5%

1.5%

1.5%

1.5%

1.5%

1.5%

Total Nominal Profit Rate

No charge

1.5% * 3M
= 4.5%

1.5% * 6M
= 9%

1.5% * 12M
= 18%

1.5% *18M
= 27%

1.5% * 24M
= 36%

1.5% * 36M
= 54%

1.5% * 48M = 72%

Example of transaction amount = RM100

Example of transaction amount = RM1,000

Total Profit 

No Charge

RM100 * 4.5%
= RM4.50

RM100 * 9%
= RM9.00

RM100 * 18%
= RM18.00

RM100 * 27%
= RM27.00

RM100 * 36%
= RM36.00

RM1,000 * 54% = RM540

RM1,000 * 72% = RM720

Total Price Paid
(Transaction Amount + Profit)

RM100+0
= RM100.00

RM100+4.50
= RM104.50

RM100+9
= RM109.00

RM100+18
= RM118.00

RM100+ 27
= RM127.00

RM100+ 36
= RM136.00

RM1,000 + 540 = RM1,540.00 

RM1,000 + 720 = RM1,720.00

Instalment per Month

RM100.00/1M
= RM100

RM104.50/3M
= RM34.83

RM109.00/6M
= RM18.16

RM118.00/12M
= RM9.83

RM127.00/18M
= RM7.06

RM136.00/24M
= RM5.67

RM1,540.00/36M
= RM42.78

RM1,720.00/48M
= RM35.83

Scenario

Principal Amount

Late Charge

Order below RM10

Principal Amount for first Instalment = RM9

Late Charge = RM9

Since this amount is less than RM10, the late charge is RM9

Order exceeds RM10

Principal Amount for first Instalment = RM11

Late Charge = RM10

Since this amount exceeded RM10, the late charge is RM10