Buy Now Pay Later
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Buy Now Pay Later
Product overview
What is Buy Now Pay Later?
An unsecured personal loan over a fixed-time that allows your customer to repay the loan amount in equal monthly payments with a deferred first payment.
- The first payment is deferred (delayed) for a set period or until a specified future date
- The deferral period is a payment holiday, NOT an interest free period
- Offering a deferral period for the first payment could help attract a wider customer base and increase basket sizes
- Competitive fees compared to other products
Benefits for your customers
- Customers may be able to make purchases earlier by having a payment holiday at the start of the loan
- Customers are able to wait to confirm they are happy with the delivered/fitted product before paying the balance of the loan
- Fixed monthly payment amounts enable customers to incorporate into monthly budgeting
- Reach a wider customer base by offering a range of POS finance options
Explaining BNPL to your customers
Representative example
Item value (cash price) | £1,200.00 |
Deposit | £0.00 |
Total amount of credit | £1,200.00 |
Duration of agreement | 18 months |
Representative APR | 19.99% APR |
Annual rate of interest | 10.69% p.a. |
12 monthly payments of | £110.18 |
Total amount payable | £1,322.16 |
Example is for illustrative purposes only
Who can apply?
To be eligible to apply for one of our finance products, your customers must be:
- 18 years or over on the date of application
- A permanent UK resident for a minimum of three years and either:
- In regular, permanent employment working a minimum of 16 hours a week (including students)
- Self-employed
- Retired from regular employment and aged 50 years or older
- In receipt of incapacity benefit
Subject to application, financial circumstances and borrowing history