Repayments

You will only repay the amount you spend, if you do not spend the full loan amount you requested then your monthly repayment amount will remain fixed however you will pay the loan back over a shorter period of time. Your first direct debit will be taken after your initial spend on your loan. 

Your monthly payments are taken by Direct Debit. This is explained in the terms and conditions of your agreement when you applied.

Your Direct Debit payments will show on your bank statement as Ikano Bank AB (publ).

These payments are due on the same date every month. If your payment date falls on a weekend or bank holiday, the payment will be taken from your bank account on the next working day.

If your Direct Debit payment is returned unpaid from your bank, and you don’t pay your monthly payment by your due date, you will be charged a £12 fee.

You can make extra payments anytime by bank transfer.

Log in to your account and go to the extra payments section.

Please make sure that you use your IKEA loan account number as the reference for your payment, so we can match this to your account. If this is missing or incorrect, the payment will be returned to your bank account.

Yes, you can pay off your loan in full at any time. Log in to your account and go to the extra payments section.

Please make sure that you use your IKEA loan account number as the reference for your payment, so we can match this to your account. If this is missing or incorrect, the payment will be returned to your bank account.

Yes, you can change your Direct Debit bank details on the IKEA finance app.

Yes, after your first Direct Debit payment is taken. You can change your payment due date in your online account (on the website or via the app).

Depending on when you change it, your next payment may still be taken on your old due date. This happens if:

- Your next payment is due within the next 15 days.
- The due date you want is less than 25 days after your last payment.

If you have already changed your due date recently, we are not able to change your date again until after your next payment has been taken.

You’ll be charged a £12 fee.

It may also be recorded on your credit report, which could make it harder for you to get credit in the future.

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