Interest Free
Interest-Free Credit
Product overview
What is Interest Free Credit?
A personal loan over a fixed time that allows your customers to pay off their purchase in equal monthly payments, with absolutely no interest:
- Your customers repay through equal monthly payments over a set amount of time and can settle the outstanding balance at any time
- The loan isn’t secured against the product purchased
- Attract and convert a wide range of customers
- Increase average customer spend
Benefits for your customers
- Enables customers to make larger purchases earlier
- Useful for planning personal cash flow
- Helps your customers plan their budget which can include improved product specifications
- No interest to pay
Explaining IFC 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 | 12 months |
| Representative APR | 0% APR |
| Annual rate of interest | 0% p.a. |
| 12 monthly payments of | £100.00 |
| Total amount payable | £1,200.00 |
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