So, you’ve chosen to spread the cost of your spending. Good move - but remember: be smart about it. You should have a good think about your finances before going with any kind of ‘pay later’ option. That means thinking ahead, and making sure you’ll have enough money each fortnight to pay your instalment. Our helpful FAQs are a good place to start if you want to know a bit more.
If you choose Clearpay, you don’t have to pay interest, but you will have to pay a late fee of £6 if you miss one of your payments. If your payment is still overdue after 7 days, you'll pay an additional £6 fee. The total amount of late fees you may be charged will depend on your order value. To make things simple, Clearpay sends you helpful reminders leading up to your payment due date, and you’ll also get a notification if a payment fails for any reason.
Using Clearpay won’t affect your credit score, because it doesn’t notify credit agencies of failed or missed payments. You still need to be careful, though - if you fail to pay on time, your Clearpay debt may be passed on to a debt-collection agency, and this could affect your ability to use Clearpay in the future. Make sure you spend within your own financial limits, and keep checking in on any remaining pay-later balances.