Your Zip Money repayment schedule is automatically set when you activate your account however you can adjust the amount and frequency of this schedule so long as you meet your minimum monthly repayment.
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.
If your scheduled repayments do not cover your minimum monthly repayment by the due date, we’ll automatically debit the remaining amount from your nominated payment method on your Contractual Date. This helps ensure your account does not become overdue. To make an additional repayment, see How do I make an additional repayment?
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’.