What are Sezzle Monthly Installments?
Sezzle will now offer monthly payment plans for Virtual Card and select direct integration merchants. Installment lengths will range from 3 - 36 months and may be subject to a finance charge in the form of interest. Available monthly installment plans will appear in the regular checkout and purchase request user experience. Monthly installment loans may require a down payment based on creditworthiness.
Who is eligible for Monthly Installment Plans?
Eligibility criteria may include:
- Must have an active account and verified SSN with Sezzle.
- Must demonstrate positive transaction history and on-time repayment behavior with Sezzle.
- Must be 18 years of age.
- Must be an individual account. No co-applicants, co-signers, or authorized users are allowed.
- Must reside in the United States
What are the fees & costs?
A finance charge will be applied to monthly installment plans based on an APR. APRs range from 0% - 35.99% and will vary depending on creditworthiness and term length. Interest will be calculated daily.
A Late Payment Fee of up to $16.95 may be applied if a user fails to make a payment by the scheduled due date. A Failed Payment Fee of up to $6.95 may be applied if Sezzle attempts to process a payment and it fails. Fees may vary by state. To learn more about fees, visit https://shopper-help.sezzle.com/hc/en-us/sections/19732704843668-Order-Payments-Fees
What happens if I miss a payment?
If we’re unable to process your payment on the due date, it will be marked as failed. You may be charged a Failed Payment Fee if your payment method is declined, and a Late Payment Fee if the payment is not received by the due date. Fee amounts may vary by state. To view full details about fees, visit https://shopper-help.sezzle.com/hc/en-us/sections/19732704843668-Order-Payments-Fees
If a payment remains unpaid, your loan may become past due, and your account may be restricted until the balance is brought current.
How do I pay off the loan?
- The first payment will be due one month after the purchase and will occur on the same day of each subsequent month.
- A scheduled payment method can be set up using a bank account or debit card, and users can opt into autopay. Autopay is not automatically applied and can be set up when completing an order or after an order is created from your order details page in the Sezzle customer dashboard.
- Loans can be paid off by accessing the Orders tab in the app or in the customer dashboard. There are no fees for paying off the loan early.
Can I pay off my balance early?
Yes! Users can pay off their next payment or the entirety of their loan at any time. If users pay off the loan in full, they will not be charged unearned interest, which will lower the total cost of credit. If individual payments are paid off early, the re-amortization of the loan will affect the final payment.
Can I spend more with Monthly Installment Plans?
Monthly plans are offered for order amounts between $400 - $8,000. Original bi-weekly loans have a maximum order amount of $2,500. Spending power is not guaranteed; each loan application is subject to approval. You can view your current estimated spending power in the app or the Sezzle customer dashboard.
Why do I see 2 different spending powers?
The main amount displayed is the higher of your available biweekly or monthly payment spending power. Spending Power is an estimate and is not guaranteed and may change depending on a number of factors, including the merchant where you are shopping. Each order is evaluated at checkout.
Your biweekly spending power is the estimated amount you can spend on Pay Later loans.
Your monthly payment spending power is the estimated amount you can spend on monthly installment loans; interest may apply.
Does applying for a Monthly Installment Loan affect my credit score?
No, only a soft credit pull will be done to verify eligibility and determine the APR, which has no impact on your credit score.
Can I reschedule my payments?
No, monthly plans can not be rescheduled.
Will this loan be reported to credit bureaus?
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
If you are enrolled in Sezzle Up, certain eligible bi-weekly loans may be reported to credit bureaus and may help build credit with on-time payments.