Each Zip Personal Loan has a minimum monthly repayment amount, which is determined by:
- Your loan amount
- Your loan term
- Your variable interest rate
- The monthly account fee
Your minimum monthly repayment amount will be clearly shown in your Zip Personal Loan contract.
Choosing Your Repayment Frequency
Once you accept your loan contract, you can choose the repayment frequency that best suits you; weekly, fortnightly, or monthly, as long as your minimum repayment is made before the due date each month¹.
You can also make extra repayments or repay your entire loan at any time, with no penalties or fees.
How Repayments Are Made
- Repayments are automatically direct debited from the repayment method you provided in your loan application.
- You can change your default payment method at any time to either:
- Your bank account (BSB and account number), or
- Your debit card.
Staying Eligible for the 1% Annual Rate Drop
By making all minimum monthly repayments on time across your Zip Personal Loan and other Zip accounts each month during your anniversary year, you’ll remain eligible for the 1% annual interest rate reward.
Learn more about how the 1% annual rate drop works here.
¹Minimum monthly repayments are required. There is no redraw facility available on the loan. A monthly account fee of $9.95 and one-off establishment fee of $199 apply. Available to approved applicants only. T&Cs and credit approval criteria apply. Interest applies and other charges may be payable. Fees and charges subject to change. Credit provided by ZipMoney Payments Pty Ltd (ABN 58 164 440 993), Australian Credit Licence Number 441878).