Consumer credit
Terms and Conditions
It is important that you read the Pre-Contract Information (PCI) and the Credit Agreement carefully before you sign so that you are in a better position to assess whether the credit agreement meets your requirements and financial circumstances.
This document explains:
- Key features of the Agreement and suitability
- How much you have to pay
- The likely consequences where you do not make payments on time
- Your right to withdraw from the agreement
The Parties
You are entering into a fixed sum loan agreement with Social Money Ltd trading as Payl8r (we / us). We are authorised and regulated by the Financial Conduct Authority with reference number 675283.
The Agreement
You are entering into this Agreement to purchase goods or services from a retailer.
Suitability
The credit is only suitable for the purchase of goods and services that you have selected from the retailer and is not suitable for any other purpose.
Please understand how much credit Social Money Ltd is providing, the period over which the credit has to be repaid and the details of the payments you must make.
Please take into consideration the importance of your ability to make the payments under this Agreement. You should consider whether your circumstances are likely to change in the future which might impact on your ability to make repayments. If you think that they may do so, then you should not enter into the Agreement.
How much you have to pay
Your Agreement has an interest free period. If you repay in that period, then you will not pay any interest. The total amount you must pay will be the total of the amount of credit.
If you do not repay the credit in the interest free period then you must pay interest on the amount of credit for the full duration of the Agreement, including for the interest free period. The amount and date of your repayments is set out in your Credit Agreement. The total amount payable will be the sum of the credit, the deposit, the application fee of £4.95 and the interest.
What you should be aware of
You should be aware of the following:
If you repay the loan during the interest free period, then you will not have to pay any interest. However, if you do not do so we will charge you interest for the entire period of the loan, including the interest free period. This interest will be charged on the full amount of credit for the duration of the loan.
If you wish to cancel the Agreement after the withdrawal period (see below), but before the credit has been provided you can do so.
If you do not keep us informed about any changes in your address, email address or phone number and we have to trace you, we may charge you.
We may assign our rights and obligations under this Agreement to a third party, or transfer the Agreement to a third party, in whole or in part. We shall only do this, however, if it does not cause you any material prejudice. You may not assign or transfer this agreement.
You must tell us immediately if your employment is at risk, if you are at risk of losing your place in University, or at risk of losing any benefits entitlement.
If you miss payments, we will apply charges. See below for more information.
The consequences of missing payments
If we attempt to take a payment and it fails, we may charge a fee of £5 per failed attempt, up to a maximum of two failed CPA attempts per scheduled repayment per calendar month (i.e. a maximum of £10 in late fees per scheduled repayment per month).
We will waive the above charge if you bring your account up to date within 28 days of the first fee being imposed.
Other charges we may apply include:
- File preparation for debt collection – £30
- Unjustified Chargeback claim – £25
- If you fail to notify us of a change in address, number or email and we have to trace you – £35
- For any payment not made by CPA or Direct Debit – £10
Your right to withdraw
You have the right under section 66A of the Consumer Credit Act 1974 to withdraw from the Agreement without giving any reason before the end of 14 days beginning with the day after the day on which the Agreement is made or, if later, the day after the day on which we will tell you that we have signed the Agreement.
If you wish to withdraw you must give us notice by one of the following methods. Oral notice may be given to us by telephoning us on 0161 413 2489, or you may write to us by email to support@payl8r.com or you may post notice to or deliver notice by hand to Payl8r, Social Money Ltd, 2nd Floor, St Johns House, Barrington Road, Altrincham WA14 1JY.
If you do give us notice of withdrawal and we have paid out the credit, you must repay to us the whole of the credit without delay, and in any event, by no later than 30 calendar days after giving notice of withdrawal. We charge interest at the daily rate set out on the first page of your Agreement on any credit that is repaid after the interest free period.
If you wish to pay by debit card, please telephone us on 0161 413 2489. If you wish to pay by cheque, please send it by first class post to us with the cheque addressed to Social Money Ltd t/a Payl8r and allow 10 working days from the day you post the cheque to us to allow us to process the payment. If you withdraw from the Agreement leaving sums outstanding we will notify Credit Reference Agencies and, if you do not pay, we will take legal action to recover the amount due.
Continuous Payment Authority (CPA)
You agree to make your payment by Continuous Payment Authority, or CPA. A CPA is an authority that you grant us to take your payments by debiting a debit or credit card, the details for which you give us at the time of your application (or other debit or credit card details which you must supply if the original card ceases to function).
You grant Payl8r the authority to collect the repayments via CPA automatically from your debit or credit card for the instalment amount on the date of each monthly instalment as detailed in the Credit Agreement. You agree to ensure that there are sufficient funds in your account to cover payment by 00:30 hrs on the repayment date.
Where there are insufficient funds on the scheduled repayment date:
- We will attempt to take the full payment again once more, up to a maximum of two full-payment CPA attempts per scheduled repayment per calendar month.
- No additional CPA attempts will be made for partial payments without your consent.
You will be notified of the time and amount of each CPA attempt that is not on your scheduled repayment date. If both full payment attempts are unsuccessful, you will be contacted and no further CPA attempts will be made for that repayment without your explicit agreement.
If we cannot collect a payment under the CPA and believe you may be experiencing financial difficulties, we will attempt to contact you before making any further collection attempts. If we cannot reach you, CPA use may recommence.
You may cancel the CPA at any time by contacting us at Payl8r, 2nd Floor, St Johns House, Barrington Road, Altrincham WA14 1JY, calling 0161 413 2489, or emailing admin@payl8r.com. If you do so, we may instead take payments by direct debit.
Further information
If you have any questions, or there’s anything you don’t understand, or if you require any further information about Payl8r and its products, please contact the team on 0161 413 2489.
If you are unclear and require free, independent advice please contact Citizens’ Advice or go to www.moneyadviceservice.org.uk.
Deferred Payment Credit
Terms and Conditions
Effective Date: 15 July 2026
These Terms and Conditions explain how the Payl8r Deferred Payment Credit (“DPC”) product works when you choose to pay using Payl8r.
Please read these Terms carefully before applying for credit.
1. Who We Are
Deferred Payment Credit is provided by Social Money Ltd trading as Payl8r, a company registered in England and Wales (Company Number 08054296).
Payl8r is authorised and regulated by the Financial Conduct Authority (“FCA”) under Firm Reference Number 675283.
References to “we”, “us” and “our” mean Payl8r.
References to “you” and “your” mean the customer applying for credit.
2. About Deferred Payment Credit
Deferred Payment Credit allows you to spread the cost of eligible goods or services through a fixed number of interest-free repayments.
The deferred payment credit agreement is a regulated credit agreement.
The credit:
- is interest free (0% APR);
- is repayable by fixed instalments;
- has no early repayment charges;
- is subject to eligibility and affordability assessments;
- is available only to approved applicants.
3. Eligibility
To apply for Deferred Payment Credit, you must:
- be at least 18 years old;
- be a resident of the United Kingdom;
- hold a valid debit card issued in your name;
- provide accurate and complete information;
- satisfy our creditworthiness and affordability assessments.
Meeting these requirements does not guarantee approval.
All lending decisions are made solely by Payl8r.
The merchant cannot approve or influence lending decisions.
4. Creditworthiness Assessments
Before entering into a regulated deferred payment credit agreement, we will carry out creditworthiness and affordability assessments.
These assessments may include:
- identity verification;
- fraud prevention checks;
- credit reference agency searches;
- assessment of information you provide during the application process.
We may decline an application where our assessments indicate that lending would be unsuitable.
5. Credit Reference Agencies
We will obtain information about you from one or more credit reference agencies.
We will also share information regarding your account and payment history with credit reference agencies.
Missed payments may affect your ability to obtain credit in the future.
6. Entering into a Regulated Deferred Payment Credit Agreement
If your application is approved, you will be presented with:
- the Regulated Deferred Payment Credit Agreement;
- Key Product Information;
- Additional Product Information.
You should read these documents carefully before accepting the agreement.
The regulated deferred payment credit agreement becomes binding when accepted by you and approved by Payl8r.
7. Repayments
You must make all repayments in accordance with your regulated deferred payment credit agreement.
Repayment dates, amounts and frequencies will be confirmed before you enter into the agreement.
8. Continuous Payment Authority (CPA)
By entering into the agreement, you authorise Payl8r to collect payments from your nominated debit card using a Continuous Payment Authority (“CPA”).
We may use the CPA to collect:
- scheduled repayments;
- missed payment fees;
- other charges payable under the agreement.
For each instalment, we will make no more than two collection attempts.
You may cancel the CPA at any time by contacting us or your bank.
If you cancel the CPA, you remain responsible for making repayments by another approved payment method.
9. Missed Payments
If a payment attempt fails:
- we will make a second collection attempt;
- a £5 fee will be charged for each failed collection attempt;
- the maximum missed payment fee for any instalment is £10.
Where your account is brought fully up to date within 28 days of the original payment due date, missed payment fees will be waived or refunded.
Missed payments that remain outstanding after the 28-day grace period will be reported to Credit Reference Agencies.
They may also result in:
- default notices, where applicable
- debt recovery activity
- referral to third-party debt collection agencies
Additional fair and proportionate recovery costs may be applied where permitted under the agreement.
10. Financial Difficulties
If you experience financial difficulties, you should contact us as soon as possible.
We will consider appropriate support measures and treat customers fairly.
Where we reasonably believe you are experiencing financial difficulties, we may suspend CPA collection attempts and contact you to discuss available support.
11. Right to Withdraw
You have a statutory right to withdraw from your credit agreement within 14 calendar days.
The withdrawal period begins on the day after the later of:
- the date the agreement is entered into; or
- the date you receive a copy of the agreement.
To exercise your withdrawal rights, contact:
- Email: support@payl8r.com
- Telephone: 0161 425 6363
If you withdraw, you must repay any credit advanced to you within 30 calendar days of notifying us.
12. Early Repayment
You may repay all or part of your outstanding balance at any time.
No early repayment fees apply.
Where a partial repayment is made, future installments may be adjusted accordingly.
13. Returns and Refunds
The regulated deferred payment credit agreement is separate from your purchase contract with the merchant.
If you wish to return goods or cancel services, you must do so in accordance with the merchant’s terms and conditions.
Where the merchant agrees a refund:
- the refund will be applied to your Payl8r account once received;
- a full refund may result in the credit agreement being settled;
- a partial refund may reduce your outstanding balance and future installments.
You must continue making repayments until we confirm that the refund has been received and applied.
14. Consumer Protections
Where applicable, purchases financed through Payl8r may benefit from protections under Section 75 of the Consumer Credit Act 1974.
This means that, in certain circumstances, you may have rights against both the merchant and Payl8r if there has been a breach of contract or misrepresentation relating to goods or services purchased using the credit.
15. Complaints
If you are dissatisfied with our service, please contact:
Email: complaints@payl8r.com
We will investigate your complaint and aim to provide a final response within eight weeks.
16. Financial Ombudsman Service
If you remain dissatisfied after receiving our final response, or eight weeks have passed since you made your complaint, you may refer the matter to the Financial Ombudsman Service.
The Financial Ombudsman Service can be contacted at:
- Website: www.financial-ombudsman.org.uk
- Telephone: 0800 023 4567
17. Fraud Prevention
We reserve the right to refuse, suspend or terminate applications or agreements where we reasonably suspect fraud, financial crime, identity theft or other unlawful activity.
18. Changes to These Terms
We may update these Terms from time to time to reflect legal, regulatory or operational changes.
The latest version will always be available on our website.
19. Governing Law
These Terms are governed by the laws of England and Wales unless you reside in Scotland, in which case Scottish law shall apply.