How will this fee affect users opting for monthly SPayLater installments?

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Shopee SPayLater Introduces New Processing Fee for Monthly Installments

Effective October 17, 2022, Shopee Malaysia has implemented a 1.5 per cent processing fee for its SPayLater payment option. This fee is applied monthly to the total payment amount for users who opt for monthly installments, in addition to the existing interest rates. Consequently, this change will increase the overall cost for consumers utilizing SPayLater for deferred payments over multiple months.
New Monthly Processing Fee Structure

The newly introduced 1.5 per cent processing fee is charged monthly on the total payment amount for all SPayLater usage, including options for paying in full the following month and for monthly installments. For instance, a purchase of RM1,999, when paid in full the next month under this new structure, would result in a total payment of RM2,028.99, reflecting the added processing charge.
Impact on Existing Installment Interest Rates

While the article confirms the 1.5 per cent monthly processing fee applies to installments, it does not provide a detailed calculation of how this new fee combines with the existing interest rates for different installment periods. Currently, SPayLater charges interest rates of 2.5 per cent for 2-month installments, 4.05 per cent for 3-month installments, and 9 per cent for 6-month installments. The precise combined cost for users selecting these longer payment terms, factoring in both the new processing fee and the existing interest, is not explicitly detailed in the provided information.
Consequences of Missed Payments

Users who fail to meet their SPayLater payment deadlines will face account suspension and a late fee of RM10. The payment due dates for SPayLater are set for either the 1st or the 10th of each month, depending on an individual's billing cycle. This late fee is a separate charge from the processing fee and any applicable installment interest.

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How will this fee affect users opting for monthly SPayLater installments?

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