Your Zip Money repayment schedule is automatically set when you activate your account. It’s designed to ensure you meet your minimum monthly repayment, which is based on your closing balance.
How are Repayments set?
Your minimum monthly repayment will be $50 or 3% of your closing balance at the end of each statement period, whichever is greater. This may be different if you have signed up for a Zip Money account directly via one of our merchant partners.
As your closing balance increases, your minimum repayment typically increases as well to help you continue to repay your balance. This is outlined in your contract and monthly statements. Here’s an example:
If your closing balance:
- is less than $1,666 your minimum monthly repayment will be $50.
- is more than $1,667 your minimum monthly repayment will be 3% of your total outstanding balance.
Changing 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’.
Note: If you’re scheduled repayments are not sufficient to repay your minimum monthly repayment by the due date, we will automatically increase your scheduled payments to meet that amount. Where your minimum monthly repayments increase or decrease in later months, we will adjust your scheduled repayments to pay only your MMP. To make extra repayments please see How do I make an additional repayment?