How much is the late payment fee for PayLater Malaysia?

PayLater Malaysia Late Payment Fees: Everything You Need to Know

PayLater Malaysia, a popular installment payment option, has a clear policy regarding late payments. Understanding these penalties is crucial to avoid any additional charges and maintain a good credit record.

Late Payment Fee Structure

According to PayLater Malaysia’s official policy, there are specific charges associated with late payments:

• Late Payment Penalty: RM10 will be charged for each missed payment.
• Processing Fee: An additional 1.5% processing fee will be applicable per installment on 8 or 12-month plans.

Example Calculation

Let’s assume you have a 12-month installment plan and you miss one payment. In this scenario, you will incur the following charges:

• RM10 Late Payment Penalty
• RM1.5% Processing Fee on the missed installment

Therefore, your total late payment charges would amount to RM11.50.

Consequences of Late Payments

Besides the financial penalties, late payments can have other negative consequences:

• Damage to Credit Score: PayLater Malaysia reports late payments to credit bureaus, which can negatively impact your credit score.
• Loss of Installment Privileges: In extreme cases, PayLater Malaysia may suspend or cancel your installment privileges due to persistent late payments.

Avoiding Late Payments

To prevent late payment fees and their associated consequences, it is essential to be proactive and make timely payments. Here are some tips:

• Set Up Payment Reminders: Use reminders in your phone or calendar to alert you about upcoming due dates.
• Use Autopay: If possible, set up autopay to automatically deduct payments from your linked bank account on the due date.
• Pay Early: If you have sufficient funds, consider making payments a few days before the due date to ensure they are processed timely.

Seeking Assistance

If you encounter any issues or have questions about late payments, PayLater Malaysia’s customer support team is available to assist you. You can contact them through various channels, including:

• Live chat on the PayLater Malaysia website
• Email: [email protected]
• Phone: 03-2726 3008 (Monday to Friday, 9:00 AM – 6:00 PM)

By understanding PayLater Malaysia’s late payment fees and taking steps to avoid them, you can maintain a positive payment history and enjoy the benefits of this convenient installment payment option.