Pleo Overdraft

Pleo Overdraft lets your company have an authorised negative balance on your Pleo Account. This helps you keep paying for business expenses even when your available funds are low.

• What it covers
• Set up Overdraft
• Interest & repayment options
• Fees and overdue debt
• Download statement
• How to get help

What it covers

Even if your Account is empty, you'll still be able to cover a variety of expenses:

• Card purchases: Online and in-store payments
• Invoices: Available for organisations in the UK and Germany
• Pleo fees: Subscription and usage fees
• Reimbursements: Available in Germany and Sweden only

Set up Overdraft

Check Availability

Overdraft is a credit product. Eligibility is automatically calculated based on our internal risk assessment, so the option may or may not be visible in your account.

1. Go to Cash Management
2. Access Overdraft
   • If you see Activate, you can follow the activation steps.
   • If you see Apply, you must submit Bank and Financial statements for a manual review.
   • If you see neither, your organisation is not currently eligible for Overdraft.

Apply for Overdraft 

1. Choose your Overdraft limit
   Note: £5,000 / €5,000 / DKK 35,000 / SEK 50,000 limit for Starter plan
2. Upload your bank and financial statements
3. Submit your application
4. If approved, you can then continue with activation
5. You’ll get an email once your application has been reviewed

Activate Overdraft

1. Set your Overdraft limit (less than or equal to the maximum limit shown) 
2. Choose a repayment option
3. Provide a Direct Debit Mandate 
4. Pay the Activation Fee 
5. Confirm Terms 
6. Activate Overdraft
7. Once your bank approves the Direct Debit mandate, your Overdraft is usually active within one business day

Interest & repayment options

Interest is calculated based on exactly how much of the Overdraft you use and for how long.

• Interest accrues daily on your negative balance. It is based on a 365-day year.
• Your interest rate is variable: it is made up of a fixed margin plus a reference rate. You can view your current rate in the Manage Overdraft section of your Pleo account.
• Interest is charged monthly: all daily interest from the month is added and charged on the Charging Date (the 3rd of the following month). 

Interest-free & repayment options

For Essential, Advanced & Beyond plans, Pleo will waive the interest accrued during the month if you settle the balance before the last day of the month. 

• With manual top-up: Your account balance must be ≥ 0 (zero) by 23:59 UTC on the second-to-last calendar day of the month.
  Example: If the month ends on the 31st, you must settle any outstanding negative balance by the 30th.
• With automatic repayment: If you enable Auto-Repayments, Pleo collects the funds on the 3rd of the next month, and interest is waived.
  Note: Due to rail-specific banking requirements, the date the funds are collected from your bank account might vary slightly.

Fees and overdue debt

Activation Fee

A 2% fee of your limit is deducted from your Pleo account balance immediately upon activation. This fee covers the 12-month term of the agreement, though Pleo reserves the right to adjust or cancel limits based on risk.

Overdue Debt

If you do not repay the outstanding balance in full, you must make a top-up payment of at least 10% of your Overdraft limit each month.

Your account will be considered “Overdue” if:

• You fail to meet the 10% minimum top-up.
• Your monthly Overdraft repayment Direct Debit is unsuccessful.
• You fail to pay any outstanding interest and/or fees.
• You fail to rectify a cancelled Direct Debit mandate within 7 calendar days.

Download Overdraft statement

You can monitor your usage and download overdraft statements directly from the Pleo platform.

1. Navigate to Cash Management
2. Access Overdraft
3. Click Statements
4. Click Download

How to get help

• For questions about pricing, activation, or your limit, contact your Customer Success Manager.

  If your organisation is having financial difficulties, get in touch at collections@pleo.io to discuss repayment plans.

• For general technical support, here's how you can reach us.