Terms and Conditions
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Last Updated: 27 June 2025
Terms and Conditions
8. Repayment plan
Your Repayment Plan outlines the amount and date of your regular monthly repayments which need to be made. Your Repayment Plan is updated when you:
- Make a withdrawal
- Make an additional repayment
- Change the amount of your repayment plan
You will receive your Repayment Plan via email whenever it’s updated, and you can always view your current Repayment Plan at any time from your Fairlo Account.
8.1 Your minimum repayment
Your minimum repayment will be determined at our discretion based on your current Outstanding Balance, APR and maximum repayment duration.
We do this to ensure that you always have a repayment plan that repays your Outstanding Balance and interest within a reasonable and predictable timeframe and cost.
8.2 How your monthly repayment amount is determined
When you make your first withdrawal we will set the required amount to be repaid each month by Direct Debit at the minimum repayment.
You can make additional repayments at any time through your Fairlo Account to reduce the cost of credit.
You can increase the amount you will pay each month from the minimum at any time through your Fairlo Account.
If you have an outstanding balance of zero then no repayments are due.
8.3 How your monthly repayment date is determined
You will select your preferred date for these repayments to be made when setting up your Nominated Account, and this can be changed from your Fairlo Account.
If it isn’t present in a particular month then the repayment date for that month will be the last date of that month. i.e. 31st becomes 30th in April.
Where your preferred date falls on a weekend or bank holiday then the repayment will be made the next business day.
Last Updated: 27 June 2025
8. Repayment plan
Your Repayment Plan outlines the amount and date of your regular monthly repayments which need to be made. Your Repayment Plan is updated when you:
- Make a withdrawal
- Make an additional repayment
- Change the amount of your repayment plan
You will receive your Repayment Plan via email whenever it’s updated, and you can always view your current Repayment Plan at any time from your Fairlo Account.
8.1 Your minimum repayment
Your minimum repayment will be determined at our discretion based on your current Outstanding Balance, APR and maximum repayment duration.
We do this to ensure that you always have a repayment plan that repays your Outstanding Balance and interest within a reasonable and predictable timeframe and cost.
8.2 How your monthly repayment amount is determined
When you make your first withdrawal we will set the required amount to be repaid each month by Direct Debit at the minimum repayment.
You can make additional repayments at any time through your Fairlo Account to reduce the cost of credit.
You can increase the amount you will pay each month from the minimum at any time through your Fairlo Account.
If you have an outstanding balance of zero then no repayments are due.
8.3 How your monthly repayment date is determined
You will select your preferred date for these repayments to be made when setting up your Nominated Account, and this can be changed from your Fairlo Account.
If it isn’t present in a particular month then the repayment date for that month will be the last date of that month. i.e. 31st becomes 30th in April.
Where your preferred date falls on a weekend or bank holiday then the repayment will be made the next business day.