John Lewis & Partners has introduced a new interest free retail credit offer, backed by BNP Paribas.
Customers will be able to apply for credit across all channels, including online and in-store. The scheme will also cover a wider range of products than previously available.
It’s understood that customers must apply for at least £1,000 retail credit, up to a maximum of £25,000 for 12 months.
There are key differences from the ‘buy now, pay later’ model, made popular by Klarna, though. The retailer will complete a full credit check on all customers. While customers must pay the balance down to zero, in equal payments via direct debit, over the agreed term. Importantly, they don’t charge interest if the customer doesn’t repay in full.
A John Lewis spokesperson said: “We’ve recently launched a new interest free credit offer with BNP Paribas. For the first time ever, customers can apply for interest-free credit online and through our contact centres, as well as in our John Lewis Shops.
“As part of the offer, they will have access to credit for even more products and greater visibility of their account online.”
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