What are N26 Installments?

N26 Installments allows you to split card payments into 3 to 6 equal monthly repayments directly in the app after you've made the purchase. If you are making a large purchase and wish to spread the cost over time, you can use N26 Installments to do so. You can split eligible card payments made in the past 4 weeks, giving you greater control with managing your monthly budget in a convenient way.

Please note, interest rates are dependent on the credit risk assessment made by N26. Additionally, the card payment must be eligible to be split, which depends on the card payment and the merchant you are purchasing from.

• Effective Annual Interest Rate: From 9.49% to 16.49% (credit risk scoring dependent)
• Eligible Purchase Amount: From €20 - €200
• N26 Installments Duration: The N26 Installments duration is from 3 to 6 months, with the first installment taken out immediately after confirmation and the option of early loan repayment (the interest rate is charged monthly).
• Merchant / Card Payment eligibility: N26 Installments is offered for a wide range of purchases in various categories, including electronics, furniture, plane and train tickets, fashion, and even payments made at your favorite small local store!

Once you have completed an eligible card payment, you can access N26 Installments in a number of different ways. You can:

• Tap on the info card in your transaction list, or
• Scroll to the end of the Explore tab and tap on N26 Installments under financial products

When you select the eligible card payment, you will be taken through the below steps to confirm using N26 Installments:

1. First you will be provided with information about N26 Installments
2. Then you can see a breakdown of the effective annual interest rate, the total cost you will have to pay and at the bottom of the screen there is a slider allowing you to choose the duration (your monthly payments will also show on this screen)
3. Last you will see the confirmation screen where you will need to accept all checkboxes and then confirm
4. After confirming your N26 Installments payment plan, you’ll be credited an amount equal to the total of your purchase amount directly into your main account. We’ll then take out your first installment payment after a month. The rest of the payments will then be automatically charged from your main account on the due date each month (you’ll receive payment reminders 1 day before your next payment is due).

You can manage your loan with N26 Installments by navigating to this section of the app by selecting the options menu (3 dots at the top right of the transaction feed) and then going into N26 Installments. There you will be able to:

• Total outstanding balance
• Current installments
• Installments details
• Repayment schedule
• The option to repay the amount in full

You can cancel your loan within 14 days. If you cancel within this period, you'll have to pay the full remaining amount and the interest for the days you used. To cancel your loan, head to the Installments in Explore tab and find your installment loan that you would like to cancel.