Your Zip Money repayment schedule is automatically set when you activate your account. It’s designed to meet your minimum monthly repayment, which is based on your credit limit and helps ensure you’re repaying your balance in a timely way.
How are Repayments set?
Your minimum monthly repayment is determined by your approved credit limit and is outlined in your contract and monthly statements. Here’s a quick example:
- Credit limit up to $1,000 → Minimum repayment = $40 per month
- Credit limit of $2,000 → Minimum repayment = $80 per month
As your credit limit increases, your minimum repayment typically increases as well to help you pay down your balance faster.
Zip Money Flex repayment schedule
You can set or change your Zip Money repayments schedule to weekly, fortnightly, or monthly, depending on what suits your budget and pay cycle.
Here’s how to update your repayment schedule:
- Log in to your Zip Money account via the Zip app.
- Go to the “Home” tab.
- Tap on your Zip Money account.
- Tap 'Manage Flex'.
- Tap ‘Edit Repayments’
- Choose your preferred schedule type:
- Choose your repayments
- Fee Waiver
- Adjust your frequency or repayment amount to suit your preference.
- Tap ‘Continue’ and then ‘Confirm’
Please note: Zip Money Flex Schedule is different to Zip Money instalments. For more information on the difference between the two, please visit here.