When you take out a loan with us, you'll choose a repayment schedule that works best for your budget and the way you receive your income.

Most customers choose a payment schedule that matches when they're paid, whether that's through wages, benefits, or another source of income.

TABLE OF CONTENTS

• How We Collect Payments
• Choosing Your Payment Schedule
  • Which Option Is Right for Me?
  • Four-Weekly vs Monthly
• Alternative Payment Methods
  • Standing Orders
  • One-Off Payments
• Making Extra Payments
• Changing Your Payment Plan
• What Happens If I Miss a Payment?
• Adding a New Payment Card
• Good Payers Club
• Struggling to Make Payments?
• Interest and Charges

How We Collect Payments

We usually collect repayments automatically from your debit or credit card. This is called a Continuous Payment Authority (CPA).

Before your payments are due, it's a good idea to log in to your account area and check that the correct payment card is linked to your loan.

Choosing Your Payment Schedule

You can choose to make repayments:

Which Option Is Right for Me?

Weekly or Fortnightly

These options may suit you if you're paid weekly or every two weeks.

Because payments are made more frequently, each individual payment is usually smaller and can be easier to budget for.

Four-Weekly

This option may be suitable if you're paid every four weeks.

Your repayment date will stay aligned with your pay cycle, helping you plan your budget more easily.

Monthly

This option is often chosen by customers who receive their income once a month.

If you select monthly repayments, you'll need to choose a payment date between the 1st and 28th of the month.

Unfortunately, dates on the 29th, 30th, and 31st are not available because not every month contains those dates.

Four-Weekly vs Monthly

Although they sound similar, they are different:

• A monthly payment plan has 12 payments per year

• A four-weekly payment plan has 13 payments per year

If you're unsure which option to choose, check your pay dates and select the schedule that best matches when you receive your income.

Alternative Payment Methods

Standing Orders

If you prefer not to use a Continuous Payment Authority, you can set up a standing order through your bank.

When creating a standing order, please use your Member Number as the payment reference so we can correctly apply payments to your account.

One-Off Payments

You can make one-off payments through your online account area at any time.

Please note that making a one-off payment will not cancel any existing Continuous Payment Authority arrangements. Your regular scheduled payments will still be collected unless alternative arrangements have been agreed.

Making Extra Payments

You can repay your loan early at any time without any penalty fees.

To make an extra payment:

1. Log in to your online account area 

2. Select the option to make a payment.

3. Choose the amount you'd like to pay.

Paying your loan off sooner can reduce the total amount of interest you pay.

You can also view your current balance and outstanding loan amount in your online account.

Changing Your Payment Plan

You can request changes to your repayment arrangement through your online account.

This includes:

• Changing your payment amount

• Changing your payment frequency

• Reviewing your existing repayment plan

To request a change, visit your account area here

Important Information

If a revised payment arrangement is agreed, your account may go into arrears if the new payments are lower than your contractual repayments.

If this happens:

• The arrears may be reported to credit reference agencies

• The arrears may appear on your credit file

• You may receive automated emails, texts, or letters about the arrears

What Happens If I Miss a Payment?

If a scheduled payment is unsuccessful:

1. We'll try to collect the payment again later the same day.

2. If the payment still isn't successful, we'll continue to retry collection every other day.

3. We may continue these attempts for up to 8 days.

To avoid missed payments, please make sure:

• Your payment card is up to date

• There are sufficient funds available when payments are due

Struggling to make Payments?

Adding a New Payment Card

You can add or update your payment card details at any time through your online account.

We recommend checking your payment details regularly, especially if:

• Your card has expired

• You've received a replacement card from your bank

• You've changed banks

You can add a new payment card here

Good Payers Club

Customers who maintain their repayments may become eligible for the Good Payers Club.

You'll usually be invited if:

• You've been with us for more than six months, or

• You've successfully repaid your first loan with us*

To find out more, visit our Good Payers Club guide: Good Payers Club

Struggling to Make Payments?

We understand that circumstances can change.

If you're finding it difficult to make your repayments, please contact us as soon as possible. The earlier you speak to us, the more options we may have available to support you.

For information about repayment support, click here: Struggling to make Payments?

Interest and Charges

Our standard interest rate is:

• 51% per annum

• 64.8% APR Representative

• The Food Club Card is interest-free. 

Your loan agreement will show the exact amount you'll repay, including any interest, before you accept your loan.

Interest and How it Works