Active loan: A loan that has been initiated but not yet fully repaid. On the activity screen, these appear as the primary focus until the balance reaches $0.00.
Autopay: A feature that automatically collects instalments from your linked account on scheduled paydays. If a payment fails, the system retries after 24 and 48 hours.
Cleo Plus / Builder: The subscription tiers required to access the Pay Later feature.
Complete loan: A loan where the total balance (principal + fees) has been paid back in full. These are archived under the Paid off section.
Eligibility check: The automated process where Cleo reviews your account history and payment ability to determine if you can use Pay Later.
Expired card: A virtual card that was not used within 72 hours of creation. Unused funds from an expired card are returned to your Spending Power.
Fee refund: The return of the 5% transaction fee. If a purchase is fully refunded by the merchant, Cleo will refund the service fee to you.
Frozen status: A temporary restriction placed on your ability to use Pay Later, triggered if a missed payment is not resolved within 24 hours.
Instalment: One of four equal payments used to repay the loan.
1st instalment: Taken at the moment of purchase.
2nd instalment: Scheduled for the first payday at least 18 days after purchase.
3rd & 4th instalments: Scheduled to align with your subsequent paydays.
Late fee: A $7 charge added to the balance if a missed instalment remains unpaid after 48 hours.
Left to pay: The remaining balance on an active loan, including any outstanding instalments and fees.
Manual repayment: The process of making a payment on or before the due date if you have opted out of Autopay.
Merchant refund: A refund initiated by the store (e.g., Tommy Hilfiger). This amount is applied to the loan balance first, with any surplus sent back to the user's card.
Military Lending Act:
One-time use card: A virtual Visa/Mastercard generated specifically for a single purchase. Once the transaction is complete (or 72 hours pass), the card is deactivated for security.
Paid back: The total amount already successfully collected or paid toward a specific loan.
Payday-aligned: A scheduling logic where repayments are timed to coincide with the dates you receive your income to ensure you have the funds available.
Processing refund: A status indicating that a refund has been initiated by the merchant but the funds have not yet been finalized or applied to the loan/card by Cleo.
Recalculated instalments: The adjustment of future payment amounts following a partial refund to ensure the user only pays the new, lower balance.
Spending power: The maximum total amount (up to $250) Cleo has approved you to spend based on your eligibility.
Surplus: The portion of a refund that remains after the active loan balance has been fully "zeroed out." This extra amount is sent directly to your original payment card.
Transaction fee: A 5% service fee charged on each loan (capped at $7.50).
Truth in Lending disclosure: The legal document within the app that outlines the exact terms, fees, and repayment schedule of your loan.