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You’re then able to use Zip Money during the checkout process of any participating Zip merchant. In addition, you have a default three-month window where you’re able to make repayments interest-free.
From 19.90% (variable)
Interest Rate (p.a.)
$1,000
Min Loan Amount
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Product Name | Zip Money |
---|---|
Interest Rate (p.a.) | From 19.90% (variable) |
Interest Rate Type | Variable |
Min Loan Amount | $1,000 |
Max. Loan Amount | $30,000 |
Loan Security | Unsecured |
You can sign up for a Zip Money account online or in-store. The application takes about three minutes and requires your residential, employment and financial information as well as your email address and phone number.
When you apply, you'll need to select from these credit limit tiers:
Credit limit | Minimum repayment | Establishment fee |
---|---|---|
$1,000 | $40 | $0 |
$2,000 | $40 | $25 |
$3,000 | $80 or 3% (whichever is greater) | $49 |
$4,000 | $80 or 3% (whichever is greater) | $75 |
$5,000 - $30,000 | $80 or 3% (whichever is greater) | $99 |
If you are approved for an account you will be sent a contract which will indicate the interest-free period you will receive. All Zip Money accounts come with a minimum of three months interest free but some come with longer periods. If you don't have an order attached to your application then this period will not be stated: it is only when you make a purchase that the interest-free period will begin.
Once you agree to the contract and provide your payment information, you can use and manage your account. Each purchase you make with your new account must be authorised by both you and Zip. After your purchase is authorised, Zip will pay the merchant on your behalf.
Once you've used your Zip Money credit to make a purchase, you need to set up your repayments to be monthly, fortnightly or weekly. Zip Money will then automatically direct debit those repayments according to your chosen frequency and based on the minimum repayment. You can also make additional repayments whenever you like.
Keep in mind you can only use a debit card or bank account to repay Zip Money.
Once your credit is repaid you can keep your account open. You won't be charged anything if your balance is $0.
See the full list of stores with Zip Money
Signing up with Zip Money is quick and easy. Visit the Zip Money sign-up page and complete the application process to get a real-time decision. The entire process usually takes no more than five minutes.
To qualify, you need to:
While signing up, you need some personal identifying information as well as your bank account details to link it to your Zip Money account. Once signed up, you’ll instantly receive a decision and, once approved, you’ll activate your new Zip Money account by simply accepting the terms and conditions and entering the SMS code that was sent to the mobile phone number you registered with.
As a business owner, offering Zip Money or any other interest-free payment service as an option at checkout (both online and in-store) can have a range of benefits, as well as a potential few drawbacks.
Benefits
Drawbacks
Is Zip Money safe?
Zip Money uses 128-bit Secure Socket Layer (SSL) data encryption to protect all your information and financial transactions. 128-bit SSL encryption is the same technology used by banks all over the world.How do I manage my account?
Once you’ve created your Zip Money account, you’re able to login and manage many aspects of your account including increasing or decreasing deducted repayment amounts, adding or modifying payment methods, tracking transaction activity, scheduling new repayment periods, accessing previous statements, viewing updated Zip merchant lists and more.
Am I eligible if I have bad credit?
Zip Money uses a range of data to determine whether or not you can afford a payment plan. Bad credit doesn’t automatically disqualify you, but you will only be approved if you are in a good financial position. Note your credit history will be checked.The buy now pay later sector is currently under an ASIC review. Find out more about this review.