Zilch payments are every 2 weeks. So, if you make a purchase on Zilch today, your first payment will be due in 2 weeks, and your final payment will be due in 6 weeks.
- You make a purchase on Zilch.
- You pay 25% of the purchase price upfront.
- You then make 3 equal payments of 25% of the purchase price every 2 weeks.
- The final payment is due 6 weeks after the purchase date.
There are no interest or fees associated with Zilch payments. However, if you miss a payment, you may be charged a late fee.
To illustrate, let’s say you make a purchase on Zilch for $100. You will pay $25 upfront and then 3 payments of $25 every 2 weeks. The final payment will be due 6 weeks after the purchase date, which is $25.
Zilch is a buy now, pay later (BNPL) service that allows you to spread the cost of a purchase over 6 weeks. Zilch payments are made fortnightly, which means every 2 weeks.
It’s crucial for consumers to understand what they’re signing up for. This includes:
- Frequency of Payments: How often are you expected to make a payment? Is it a one-time payment, monthly installments, or some other frequency?
- Interest and Fees: Are there any additional costs associated with the payment method? Some deferred payment options might seem interest-free but could have hidden fees.
- Security: With digital payments, security is paramount. Ensure that any new payment method you adopt has robust security measures in place.
- Flexibility: Can you adjust your payment dates if needed? Some modern payment methods offer flexibility, while others might be more rigid.