Each Zip Personal Loan will have a unique minimum monthly repayment amount determined by your loan amount, term, variable interest rate and the monthly account fee.
Your minimum monthly repayment amount is presented to you in your Zip Personal Loan contract. Upon acceptance of your contract, you can choose the repayment frequency (weekly, fortnightly or monthly) and start date that suits you as long as you meet the minimum repayment amount before the due date each month¹. You can repay early or repay more anytime you'd like to as well.
Repayments are automatically direct debited from the payment method you provided during your Zip Personal 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.
Meeting your minimum monthly repayments on time across all your Zip accounts every month in each loan anniversary year, will ensure you remain eligible for the 1% annual rate drop reward. Click here for more information on how the 1% annual interest rate reward works.
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).