Neo Advance is repaid automatically when funds are added to your Neo Chequing account. There's no fee or interest for using your advance—even if repayment takes a little longer than expected.
How repayment works
You have 34 days from the time you use your first advance to repay the amount of any advances taken during that period. The full amount must be repaid by the due date.
Repayment happens automatically. The next time money is deposited into your Neo Chequing account (including pay deposits, Interac e-Transfer®, other transfers, and refunds), the amount you owe is debited from the balance—no action needed.
You can’t choose to skip repayment on a deposit. If an upcoming deposit is meant for other bills, plan for your advance to be paid from it first.
Want to repay sooner? You can add funds to your Neo Chequing account anytime.
If you don't repay in time
There's no late fee or interest charge for repaying late. If a deposit doesn't cover your full advance balance or if your account remains negative:
Neo Advance will be suspended so you won’t have access to future advances until the balance is repaid.
Overdue balances may be reported as missed payments to credit bureaus, which may negatively impact your credit score.
For full Neo Advance terms and conditions, review Section 16 of your Neo Chequing Account and Prepaid Mastercard Agreement.
FAQ about paying off Neo Advance
What happens if my next deposit isn't enough to cover the full balance?
What happens if my next deposit isn't enough to cover the full balance?
Any incoming deposit will automatically be applied toward your outstanding advance balance. Any remaining unpaid portion will be deducted from subsequent deposits until the total advance is cleared.
Is there a fee for repaying late?
Is there a fee for repaying late?
No. Neo Advance has 0% interest, so there's no added cost for repaying late—but your credit score may be negatively impacted.
Can I repay early or add funds manually?
Can I repay early or add funds manually?
Yes. You can add funds to your Neo Chequing account at any time to repay your advance.
Does paying on time help increase my limit?
Does paying on time help increase my limit?
Yes. Repaying on time can help you become eligible for a higher limit over time.
Do refunds count toward paying off my Advance?
Do refunds count toward paying off my Advance?
Yes. Refunds and other credits to your Neo Chequing account can be applied to your advance automatically, the same as other deposits.
Can I turn off automatic repayment for one deposit?
Can I turn off automatic repayment for one deposit?
No. Repayment is automatic when money is added to your Neo Chequing account. To repay sooner, add funds anytime.
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