What is Pay Later?
Pay Later lets you access up to $500 to spend at eligible merchants and repay it over time in scheduled payments aligned with your paydays, interest-free.
How does Pay Later work?
First, Cleo performs an eligibility check to determine your estimated spending power. This is not a guaranteed limit, as each Pay Later request is reviewed individually, so the amount available can change.
Once you complete a Pay Later request, Cleo generates a virtual, one-time-use card. You can find the card details inSpend to complete your purchase. The virtual card will expire if it is not used within 72 hours.
Who can use Pay Later?
You must be a US 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. We’ll take a temporary hold on card creation to cover the first installment and transaction fee. This is then confirmed at the time of purchase. If you spend less than the full amount, your repayments will be adjusted, and what you don’t spend will be returned to you.
Your second installment will be scheduled for a payday that falls at least 18 days after your purchase. The remaining 2 repayments will fall in line with your paydays, so repayments are when you’re most likely to have funds available.
If you choose 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. You can repay early in full if you wish.
Before you get started, make sure your payday details are up to date.
What if I miss a payment?
If a payment fails or is missed, you have 24hrs to repay. If autopay is on, we'll automatically retry collecting the payment over the following days, when funds are most likely to be available. Manual payers can pay anytime during this window. You won’t be able to request new Pay Later loans if payment isn’t made after 24hrs, and a $7 late fee will be added if it still isn’t paid after 48hrs.
What happens if my Pay Later card expires?
If your card expires before you use it, any unused funds are automatically returned to your spending power. You can simply request a new card by selecting the “Create new card” option in Spend.
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
International transactions
What does it mean if my Pay Later loan is in collections?
If one of your Pay Later loans hasn't been repaid for a while, we may refer it to InDebted, our collections partner. This happens when a a loan is 30 days overdue.
It applies to the specific loan, not your whole account. If you have other Pay Later loans, they're not affected and continue as normal.
InDebted might contact you by email to help you clear the balance. Cleo won't send you reminders about this loan while it's with InDebted.
You can still repay in the Cleo app. Open Pay Later and tap Repay on the loan in collections. This is the fastest way to resolve it.
You can also pay through InDebted. If you pay them directly, it can take up to 24 hours for the payment to show up in your Cleo app.
New Pay Later loans aren't available while you have a loan in collections. Once the balance is resolved, we'll review your eligibility for future loans.
If something doesn't look right, get in touch with us in the Cleo app and we'll take a look.
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.