If you use Pay Later, you may be charged a £5 late fee if you don’t repay your statement balance by the due date.
Before the statement due date, Paysend will send you a reminder to make sure you have enough money to pay off your Pay Later balance with your chosen repayment method.
On the statement due date, Paysend will attempt to collect the statement balance. If we are unable to collect repayment, we will have to add £5 to your statement as a late fee. At the same time, we will automatically extend your statement due date by another 2 weeks.
If in 2 weeks you still have not repaid the statement balance, we will have to add another £5 to your statement as a late fee and block your entire Grow subscription (including other features). We will also have to report your late payment to the Credit Reference Agencies, which may negatively impact your credit score.
To avoid late fees, make sure to make your repayments on time!