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Interest Free Payments Plans Explained

See below for more context on the Interest Free Payment Plans offered by Latitude. Please note that the language of these payment plans has recently been updated as per below. Please engage your Relationship Manage to confirm the payment plans offered online for your business.

It is important to keep the following points in mind:

  • Latitude Gem Visa customers pay a $8.95 monthly account service fee on their account.
  • Interest Free customers may have multiple payment plans at once within their approved credit limit.

Interest Free Plans explained

Examples of how each payment plan type works for customers in a purchase scenario:#

Minimum Monthly (Interest Free Promotion)#

$2000 TV on 24 months Minimum Monthly = Customer required to pay a minimum payment each month. The residual balance of the payment plan will incur interest once the Interest Free period is over. Customers can make extra payments at any time with no penalties.

Equal Monthly (Instalment Interest Free Promotion)#

$2000 TV on 24 months Equal Monthly = customer pays the purchase price in 24 equal monthly instalments ($83.33). If paid on time the balance is cleared by the end of the Interest Free Plan period.

Flexible (Buy Now Pay Later Promotion)#

$2000 TV on 24 months flexible = Customer not required to pay any amount during the Interest Free plan period. Customers can make extra payments at any time with no penalties. The residual balance of the payment plan will incur interest once the Interest Free period is over.