If it's your first payment and you're anxious about making it correctly, don't worry, we're here to help!
How much do I need to pay?
Option 1: Our mobile app
- Download the iOS app here.
- Access it from your mobile browser here.
- You'll be able to view your "Amount Due"
Option 2: Monthly statement
- Page 1 of the statement under "Total Due"
How do we get to this amount?
Your monthly instalment is made up a few things:
- Cycle interest - this is calculated from the 8th to the 7th of the month and is based on the number of days in the cycle.
- Outstanding balance - this is comprised of your loan amount, administration fee and accrued interest.
- LIBOR rate - while LIBOR rates fluctuate daily, we adjust this quarterly (every three months). This will impact the amount of interest accrued on your loan and your monthly instalment.