BillEase FAQs | EasyPace (Pay Faster, Save on Interest)

 

General Information

What is EasyPace?

EasyPace offers an enhanced experience, enabling customers to save on interest fees each time they make their regular monthly installments, especially when they pay more than their equated monthly installment (EMI). It’s a smarter and more flexible way to manage their payments and reduce their overall costs.

What is Equated Monthly Installment (EMI)?

This refers to the fixed amount of money you pay each month to repay the loan. This includes your interest on the loan and the principal amount. To put in simple terms, this is the calculated amount indicated in your loan agreement, specifically in the schedule of payments.

How does EasyPace work?

Each regular monthly installment consists of both the principal amount and the interest fee. As you pay down your loan, a larger portion of each payment goes toward the principal, and less toward interest. This occurs due to the recalculation of the interest based on your declining principal balance.

What does “Pay Faster, Save on Interest” mean?

Easypace payment plan naturally reduces your interest because it’s recalculated on your declining principal balance. But if you make excess payments or pay more than your EMI, your overpayments are applied directly to your principal, helping you pay off your loan faster. This not only reduces your principal balance, but also helps you to save on interest further, potentially shortening your overall loan terms.

What makes EasyPace different from Standard Plan and Pay with Grace?

Standard Plan (Most Flexible) offers a straightforward and consistent option with a fixed monthly add on of 3.49% meaning 3.49% is charged to their original principal.  It provides flexible repayment terms ranging from 2 to 12 months regardless of the loan amount, allowing you to choose the terms that best fits your needs. One of key features of this payment plan is that any overpayments you make are always applied as advance payments towards your next installment. 

Meanwhile, Pay with Grace is a special installment product with a grace period feature activated. During the grace period, customers can settle their purchases without incurring any interest. If the balance remains unpaid after the grace period, interest will be charged starting  from the first installment up to the last. 

Whereas, EasyPace provides the benefit of longer repayment terms of up to 24 months with a monthly interest rate of 4.16% - recalculated on your declining principal balance each time you make a payment. Any over or extra payments are applied directly to your principal amount, which reduces the outstanding balance allowing you to pay less interest fees over time and pay off your loan faster or in shorter terms. This could be a great option if you are looking for extended flexibility while keeping interest costs in check.

To put in simple terms:

Loan Terms

Who is eligible for EasyPace?

Customers must be an active BillEase user with good repayment history and meet the necessary credit assessment criteria. Eligibility may also depend on the amount the customer is purchasing if it reached the minimum requirement for EasyPace.

How much is the minimum amount required to qualify for EasyPace?

How much is the interest fee for EasyPace?

The interest rate for EasyPace is 4.16% and is recalculated on a declining principal balance.

How much is the service fee or processing fee for EasyPace?

The processing fee for EasyPace is 10% and is indicated in their loan agreement.

Are there hidden charges?

None, there are no hidden charges. All fees and charges are outlined and disclosed in their loan agreement (PNDS) before loan approval.

Customer Journey:

1. Customer scans the merchant’s QR code or proceeds to the merchant’s web checkout.
2. Customer inputs the amount and item.
3. If the amount is equal to or higher than 2,000 pesos, EasyPace will appear as a payment plan. If the amount is lower than 2,000 pesos, only standard plans will be shown (Pay Later/Most Flexible).
4. Customer chooses EasyPace as a payment plan.
5. Customer selects their preferred installment terms and repayment frequency.
6. Customer reviews the loan agreement (PNDS). 
7. Once agreed, tick the checkbox ✅ and click Confirm to complete transaction.

Repayments

How to pay my next monthly installments?

Simply open your BillEase app and click on “Pay Now.” Select the installment plan you are intending to pay and choose “Pay next installment” in the options. Then select your preferred payment method to proceed (E-wallets, QRPH, Bank Transfer, OTC Payments).

How can I make excess payments?

After selecting the installment plan you are intending to pay, choose “Pay custom amount” and input the desired amount you want to pay. Make sure that the amount is higher than your regular monthly installment. Any overpayments will be directly applied to the principal amount and this could significantly affect your installment plan by helping you save more on interest and pay off your loan faster.

What are excess payments?

Excess payments refers to any amount you pay beyond your required monthly installment or EMI. For instance, your installment amount is 1,000 pesos and you paid 1,500 pesos, the extra 500 pesos is considered as an excess payment.

If I make excess payments, will my succeeding monthly dues be lower?

If you make excess payments, your schedule of payments and the amount of your monthly dues will remain the same. However, you will notice a reduction in your interest over  time, and your loan term may shorten. This happens because the excess payments reduce your principal balance, leading to lower interest charges. As the interest decreases, more of your payments will be applied toward the principal, which can shorten the overall duration of your loan.

Do I always have to pay more than my equated monthly installment (EMI)?

Excess payments are not required but highly encouraged - especially if you have extra funds available. Easypace gives you the flexibility to pay off your loan faster and manage your installment plans at your own pace. Whether you choose to make overpayments or not, your interest will naturally decrease over time as the principal balance reduces. The main advantage of paying more than your EMI is it allows you to pay your loan faster while saving more on interest over the course of your loan.

Can I make advance payments?

Yes, you can make advance payments for your monthly installments. Any payment made before the due date will be applied to the next scheduled installment first, with any excess amount allocated to the principal. Once a payment is received, the amortization schedule will be adjusted accordingly.

When will my payment be considered as an advance payment for my next due date?

Your payment will be applied to your next monthly due if you made your payment between your previous due date and  the upcoming one. The first payment made within this period will be applied to your next due date. Any subsequent payments made within this period will be considered as extra payments and will be applied directly to your principal balance. For example, your previous due date is on February 1 and your upcoming due date is on March 1. If you made your first payment within this period (February 2 to February 28), it will be applied to your March 1 due hence in your amortization schedule this will be marked as Paid. 

Do I still need to pay the next monthly installment if I have already made an advance payment? 

If you make an advance payment, you will not be required to pay for the next monthly installment. For example, if your next due date is on February 1 and you make an advance payment on January 25, your advance payment will cover the February installment, and you will not be required to make a payment on February 1. The advance payment will be applied to the upcoming due date, effectively postponing the need for you to pay until the following month.

Can I make an advance payment for 2 or more monthly dues? 

You can make an advance payment for your upcoming due but it is not currently possible to pay for multiple months in advance at once. Any overpayment made toward your next monthly due will be applied directly to your principal balance. As a result, rather than seeing adjustments reflected in your next monthly dues, you will notice the impact on the final installment, potentially shortening the loan terms of reducing the amount you need to pay.

 

Loan Management 

How can I track my loan or principal balance?

After successful repayment and after the due date, BillEase will send you an updated Amortization Schedule, as explained in the Promissory Note and Disclosure Statement. You will receive this schedule via email, and it will also be accessible in the app, allowing you to track your loan progress conveniently. Take note that email which shows an updated amortization schedule will only be visible if there is a change in the schedule. Alternatively, you can check your BillEase App for the updated payment schedule and amounts.

What is Amortization Schedule?

This contains your schedule of payments and minimum amount required for your installments. This is subject to adjustments each time you make a repayment.

Where can I access my Amortization Schedule?

Each time you make a payment, your updated amortization schedule will be sent via email. You may also view your amortization schedule in the app by navigating your Active Installments section. (Open your BillEase App > Tap on Installments > Active > Installment Plan).

Will my amortization schedule be updated in real-time each time I make a payment?

Yes, you should be able to receive your updated amortization schedule via email and in-app each time you make a payment.

Why does my Amortization Schedule appear to have a different installment amount from the Schedule of Payments in my Loan Agreement?

Your Schedule of Payments in your loan agreement is calculated with the assumption that there is no reduction in the principal balance yet. However, your amortization schedule is based on your actual declining balance. As a result, there may be a noticeable difference, such as a lower amount on your last installment term or a shortened loan term.

If I want to pay-off my loan earlier than my preselected installment terms, where can I see the remaining balance I need to pay?

If you would like to close your loan early, simply select “Pay All Installments” in the payment options. This would allow you to pay your outstanding loan balance.

What happens if I miss a payment?

If you miss a payment, it will not forfeit the product plan but late payment penalties may apply, and your credit score could be affected. It is important to contact customer service immediately to discuss available options and avoid additional charges or negative impacts on your credit profile.

If I miss a payment, how are late fees calculated?

Interest on late payments is 3.49%, calculated  based on your original principal balance. In addition, a late fee of 50 pesos per day will be charged for each day your payment is overdue. 

Can I request for a payment extension?

In some cases, BillEase may offer payment extension options depending on your payment history and financial situation. Contact customer support to inquire about available arrangements.

Troubleshooting

Why is EasyPace not reflected in my BillEase app as a payment plan?

1. Make sure to double check if the version of the app that you are using is updated. Simply go to PlayStore or App Store to check if there are available updates for BillEase. Once updated, relogin to your account and redo the transaction. (App version should at least be 4.35.0).
2. Try basic troubleshooting such as clearing cache or log in > log out. 
3. You may also try switching networks from WiFi to mobile data or vice versa.
4. If either of these options are not working, please contact our customer service team via live chat or email (info@billease.ph) for assistance.

How to check the App version 

If Android:

1. Open your Settings and Navigate your “Apps”.
2. Locate BillEase in your list of applications.
3. Scroll down until you see “Version”.
4. Check if you are using at least Version 4.35.0.

If iOS:

1. Open your Settings app.
2. Scroll down and look for BillEase App.
3. Look for “Version” or “App version” within the app’s settings.