Who can use Pay Later?
You must be a U.S. resident aged 18 or over and eligible to use Pay Later. Eligibility is determined by your Cleo account history and activity, specifically how you manage your payments and your overall ability to pay.
Is there a minimum purchase?
Yes, your purchase needs to be at least $35.
Why do I need to create a new card?
Each time you use Pay Later, a new virtual card is created just for that purchase. Once you’ve made the transaction, that card can’t be used again.
This makes sure your Pay Later balance only goes toward one purchase, keeping things clear, secure, and easy to track.
How are repayments structured?
Your Pay Later balance is split into 4 equal payments, starting with the first instalment taken at the time of purchase.
To give you a bit more breathing room, your second instalment will only be scheduled for a payday that falls at least 18 days after your purchase. The remaining two repayments will fall in line with your paydays.
If you chose autopay when creating your card, these installments will be collected automatically on your paydays. Otherwise, you’ll just need to make manual repayments on or by their due dates.
Before you get started, please make sure your payday details are up to date.
What if I miss a payment?
If a payment fails or is missed, you’ll have 24hrs to repay. Autopay users will have their card retried after 24hrs and again after 28hrs. Manual payers can make payment anytime during this window. Pay Later will be frozen if payment isn’t made after 24hrs, and a $7 late fee will be added if it still isn’t paid after 48hrs.
Will Pay Later affect my credit score?
Pay Later doesn’t impact your credit score and no credit checks are needed to sign up .
Are there any transaction fees on Pay Later purchases?
Yes, there’s a 5% transaction fee on each Pay Later loan, capped at $7.50.
Are there any restrictions on where I can use Cleo Pay Later?
You cannot use Pay Later for:
Gambling, betting, fantasy sports, lotteries
Pornography, escorts, adult services
High-risk pharmaceutical sales and unauthorized commercial activities
Cash-equivalent transactions, money transfers, and remittances
Payday lending, high-cost credit, pawn, debt repayments
Stocks, securities, annuities, mortgages
Digital wallets, prepaid cards, and other "cash-like" payment methods
High-risk telemarketing, subscription clubs and multi-level marketing
Post-secondary education tuition and fees
Fuel
Hotels, resorts, lodging
Car rentals and similar
Eligibility is determined based on merchant and transaction information received in connection with the transaction, and transactions that do not meet eligibility criteria may be declined or otherwise restricted. Merchant category classifications are provided by payment networks and may vary. Additional restrictions may apply.
Please refer to your Cleo Pay Later Loan Agreement for additional terms regarding
permitted uses of loan proceeds.