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How do repayments work with Qonto’s Pay later feature?
How do repayments work with Qonto’s Pay later feature?
Updated over a week ago

This feature is available only for companies registered in France, Spain and Italy.

When you finance an invoice with Qonto’s Pay later feature, your repayments are automatically scheduled in three installments: +30 days, +60 days and +90 days.

A fixed monthly interest rate of 1.17% applies to each of your three installments. Due to rounding, the amount of your last installment may be slightly higher.

How and when will installments be debited from my account?

At each due date, your repayment amount will be directly debited from your main Qonto account. You must therefore ensure that you always have the necessary funds to meet your repayments.

What are the repayment conditions with the Pay later feature?

When financing purchases with Pay later, a few conditions apply:

  • Once your transfer has been settled, it cannot be modified or cancelled. This is why we ask you to always check the details of your transfer before confirming.

  • It’s not possible to make early repayments. Repayments are always scheduled in three installments.

  • You must adhere to these planned installments, making sure there are enough funds in your account to honor your repayments, scheduled at +30 days, +60 days and +90 days.

What do the statuses displayed on your Pay later cockpit mean?

Different statuses can be displayed on your Pay later cockpit (Financing > Pay later). These statuses concern the state of your credit (it can be active, blocked, on hold) and the state of your repayment (it can be At risk or Overdue).

Installment status:

  • At risk: Your next installment is planned in three days and you don’t have the necessary funds on your main account balance. If you find yourself in this situation, please ensure to top up your main account with the necessary funds.

  • Overdue: The required installment amount was not available in your main account balance and could not be debited. Please ensure to top up your main account with required installment amount as soon as possible to regularize the situation.

    ⚠️ Important: If you have one or more late installments, your credit status will automatically move to Blocked.

Available credit:

  • Blocked: Due to the late repayment of your installment, your access to the feature has been disabled, and your credit limit closed. Consequently, you are no longer eligible for Pay later.

    ⚠️ Important: If your credit status is Blocked, the usage of your Qonto account will also be restricted: credit card payments, direct debits, and transfers will be declined until the required amount is repaid.

    👉 Please ensure to top up your main account with the necessary installment amount to resolve this issue and restore normal account usage.

What happens in case of late repayment?

⚠️ If your account can't be debited, you'll no longer be able to make any payments or use your credit to finance invoices. You'll also be charged penalty fees, and eventually you'll be subject to legal proceedings until the installment is fully repaid.

It is important that you keep enough funds in your account to pay monthly installments on time. Three days before each installment, we will email you the details about the next installment along with the repayment schedule.

In case an installment is late, your account will be immediately affected:

  • You will lose your eligibility to Pay later feature, and therefore your credit limit will be back to €0

  • You will no longer be able to make any debit with your account** (including card payments, transfers and direct debits) from the day after the missed installment, until Qonto recovers the installment amount plus late repayment daily fees

  • For each day late, Qonto will apply a late repayment daily fee of 0.04% calculated on the installment capital.

Every day, Qonto will try to debit your account to recover the total amount of installments plus daily fees.

It is not possible to partially repay those amounts. Qonto will only debit your account once there are enough funds to pay both amounts.

If you find yourself in this situation, please ensure to top up your main account with the necessary funds. To find out the amount to pay, go to Financing > Pay later and check the section “To pay within 30 days” in your cockpit.

Note that being late for an installment will prevent you from using the Pay later feature to finance other purchases. Even if an installment is paid later on, eligibility won’t be recovered.

👉 Make sure to always credit your main account with sufficient funds.

If the payment is not regularized within the next 8 days, you will be required to pay all outstanding or upcoming installments within 15 days.

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