You will be sent a monthly statement which shows your total outstanding amount, and what your minimum monthly repayment is. Here’s how that’s calculated.

Depending on your eligibility and subject to credit checks, your repayment amount will be whichever is larger out of:

• £50 (unless your outstanding balance and interest are under £50 in total)

Or one of the below as per the applicable interest rate:

• 6% of the amount you borrowed plus 0.18% daily interest
• 3% of the amount you borrowed plus 0.09% daily interest
• 3% of the amount you borrowed plus 0.07% daily interest

Note:

Some customers who took out an account before April 2021 will remain on the original repayment structure. You will have been told if your repayments were changed, and you will be able to see your minimum repayment information on your monthly statement.

If you remain on the original repayment structure, your repayments will be whichever is larger out of:

• 2% of the amount you borrowed plus 0.18% daily interest
• £10 (unless your outstanding balance and interest are under £10 in total).