Get a 100% interest-free line of credit with control over your repayments.
Zip Pay is a simple interest-free payment solution provided by Zip Co and accepted by thousands of stores and online vendors across Australia. Zip Pay lets you make purchases now and pay later, without the need for a credit card.
Once you sign up and get approved, you’ll have a line of credit up to $1,000 and a shopping account. Using your account and credit line, you can make purchases which you then pay back in regular instalments.
|Product Name||Zip Pay|
|Interest Rate (p.a.)||0% (fixed)|
|Comparison Rate (p.a.)|
|Interest Rate Type||Fixed|
|Min Loan Amount||$350|
|Max. Loan Amount||$1,000|
- No interest ever
- Up to 60 days fee-free
- Monthly fee after 60 days
- Only available at certain stores
How does Zip Pay work?
You can start using Zip Pay after going through the quick sign-up process. Once you’ve signed up and been approved, you can make purchases in two ways:
- Online. Select Zip Pay as your payment method during checkout.
- In store. At any participating Zip Pay merchant, sign in to your Zip Pay account and select Zip Pay as the payment method during checkout.
Once you’ve made a purchase, you choose how you'd like to repay. You can choose a weekly, fortnightly, or monthly repayment schedule. A minimum monthly payment of $40 is required.
To avoid the $6 monthly fee you need to pay off your purchase by the end of the month you receive your statement. You will receive your statement on the first day the month following your purchase (which is why you get "up to 60 days" fee free). After this date, a $6 monthly fee will be added to your outstanding balance.
All payments are 100% interest-free and you can sign up for direct debit so payments are made automatically from your bank account or credit card according to the repayment schedule that you’ve chosen.
Features of shopping with Zip Pay
- 100% interest-free repayments. Zip Pay doesn’t charge any interest on your outstanding balance.
- Low (and avoidable) fees. The $6 monthly fee applies only at the end of the following month from the date of your purchase. To avoid this fee, simply pay your purchase back in full before this date. A late fee of $5 applies if you do not make your minimum repayment within 21 days of the due date.
- Credit limits. Zip Pay offers three different credit limit tiers: $350, $500 and $1,000. When you apply the algorithm will approve you for one of the limits.
- Quick and simple sign-up process. Simply visit Zip Pay’s sign-up page and use a valid Facebook or PayPal account to get set up.
- Instant use. Once you’ve completed the quick sign-up process and are approved, your Zip Pay account is immediately available to you.
- Available at thousands of stores across Australia. Zip Pay is available at thousands of stores across Australia.
- Very flexible repayment plans. As long as you meet the minimum required $40 monthly repayment, you can set up repayments as you like. You can choose to pay off your loan weekly, fortnightly, or monthly for any amount you choose.
- Automatic deductions. You can set up a direct debit to automatically deduct repayments from your bank account or credit card according to the repayment schedule you’ve set up.
How much will this cost?
Zip Pay doesn’t charge any interest on your balance. In addition, there are no establishment or annual fees.
- Initial fee-free period. No fees are charged during your first billing cycle. The billing cycle runs from the day you’ve made the purchase until the end of the following month for a maximum duration of 60 days.
- Minimum required $40 monthly repayment. Although this isn’t a fee, Zip Pay does require a $40 minimum monthly payment to be made towards your balance each month.
- Monthly service fees. After the fee-free period, if you don’t pay your balance in full, you’ll be charged a flat $6 service fee on the first of every month that you have an outstanding balance.
- Late fees. Zip Pay may charge a late fee of $5 when you’ve made no repayments for more than 21 days (not including the initial fee-free period).
How to sign up with Zip Pay
Click "Go To Site" above to begin your application. To sign up for Zip Pay, you’ll need to meet the following criteria:
- Be an Australian citizen or permanent resident
- Be at least 18 years of age and able to enter into a legally binding contract
- Have a valid and verifiable mobile phone number and email address
- Have an Australian bank account or credit card
- Have basic information about yourself as well as bank account or credit card details
To sign up, you can create an account using your Facebook or PayPal account information. Once you’ve signed up with your basic information, you’ll be given approval within seconds, after which you can immediately begin buying with Zip Pay.
Have more questions about Zip Pay?
How safe is Zip Pay?
Zip Pay uses advanced Secure Socket Layer (SSL) encryption along with two-factor authentication on all purchases to protect your personal information and transactions.
How do I avoid fees?
Repay your purchase within the initial period (up to 60 days) to avoid the $6 monthly fee.
How does the online account work?
You can sign into your Zip Pay shopping account to view transaction reports, adjust repayment schedules, make additional payments, modify payment information and more.
The buy now pay later sector is currently under an ASIC review. Find out more about this review.