So I just had a deeper dig around, and found this:
https://help.raylo.com/en/articles/3633873-how-can-i-cancel-my-raylo-subscription
So it’s at least 18 month commitment
So I went searching for that answer - and this is the closest to an answer they have:
https://help.raylo.com/en/articles/3050323-why-don-t-i-use-the-iphone-upgrade-programme-instead
Edit, and this one: How is Raylo sustainable? | Raylo Help Center
Tl;dr - they recycle the phone either by selling it or recycling parts, delivery in a cardboard box, and give you a compostable case.
I’m sorry but I think that’s mostly bull💩
They might be £400 cheaper over 24 months, but the upgrade programme is only 20 monthly payments after which you own the phone. You can then sell it for way better value than £400
Apple also recycle their phones, or refurbish them and sell them again, so nothing revolutionary.
The only argument they have is the no waiting in queues, but Apple is very good with their retail experience so that’s not really valid again (and if you really don’t want to wait, you can get a 0% Barclayloan through Apple for 24 months online)
I could also mention the 18 month break clause - you can get away from the Upgrade Programme in 11 by returning your phone
So all in all I think this is designed to milk people who can’t be bothered to go to an Apple store, and even the environmentally friendly claims are just a feel good thing
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Can you really sell a used 2 year old iPhone for more than £400?
Yes, no problem. A very quick look reveals that a phone recycling program will give £300 for an iPhone X (released 2017). A private sale would give you £400. Going for up to £435 on eBay.
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Talking 300-350 minus eBay and PayPal fees for iPhone X , if you search by completed listings.
As phones get better they hold their 2nd hand value better.
Thats fair but there is hassle that comes with selling phones on ebay in our experience. We want to own that process by having the customer return the phone and saving the money rather than undertaking listing, selling, shipping their old phone. It also means the phones that are returned are placed in our reuse programme.
Tbh nobody goes on the Apple Upgrade programme to own the phone after 20 months, this is completely pointless… the whole point is that you get the latest phone every 12 months, hence why it’s called an upgrade programme…
Apple’s trade in programme leaves a lot to be desired, I’ve heard too many stories about people not getting the amount that’s quoted when you do it online…
and for anyone thinking of selling their phones on eBay and actually getting paid, good luck 
The way I see it, these Raylo guys have designed a service that takes the hassle out of upgrades, trade-ins and selling your phone all baked into the price… I will look into it more as some things aren’t completely clear to me…
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I do.
For the flexibility and convenience it offers. I pay my phone off over 20 months while my money is earning interest. I get AppleCare included and don’t need to pay for it separately. And should I wish to upgrade early, I can just return my phone. It’s brilliant
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I found this hidden away at the bottom of the webpage:
I see what they mean now… By returning the phone they sell it to someone else so it doesn’t end up in a drawer
Sounds like way too much hassle to me…
These raylo guys offer full insurance for £6.99 per month, Applecare is just accidental damage right?
I’m on the Apple Upgrade Programme. Whenever it’s upgrade time, I fill in a form, head along to the Apple Store, pick up my new phone and they take the old one away.
The only hassle in that is having to go to the store.
Or it’s on your home insurance anyway
I had a quick look last night and it seems most phones at 2 years go for about 25% of their sale value in the recycle schemes.
So the iPhone 11 Pro 64GB they advertise, if you bought it outright you could get about £250 for in a recycling scheme.
Did a quick comparison of what you spend vs just going direct to Apple - buying direct vs apple finance…
I feel like this business model is relying on people not doing any calculations, and just looking at the monthly price.
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I’m still waiting to hear why they think this statement is justified:
(to be fair, they did not say cheaper)
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Thanks for your response Ben and I do take this feedback on board. That 2 year sale price is realistically not guaranteed and the cheapest way to go is buying outright… with Raylo you upgrade to your new device and keep paying the same price and the upgrade process is way less hassle. So if you want a lower monthly cost, better insurance and to upgrade every 2 years we think we do have offer a great alternative.
Also on the home insurance point, that might not cover you for accidental damage, loss or theft outside your home, our insurance does.
This feedback is good to hear, thanks.
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I also don’t think it’s any more transparent, or less complex… But hey. Clearly not for me!
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How does it compare when you factor in insurance?
Insurance with banks is roughly £8 a month I believe, So-Sure are insuring my phone though for about £100 a year, so add that into the calculation