UK Stores and Sites offering Buy Now Pay Later Shopping

It is not uncommon to see your money run out a lot faster that the days in the month. While keeping to a budget is necessary for responsible living, it isn’t always possible. There are necessities, occasions, emergencies and countless other expenses that may not have been accounted for in your original budget. When you do reach the tipping point, help may be unavailable due to bad credit or be too costly itself. Buy Now Pay Later stores offer a reasonable solution to these monthly shopping woes. Credit provided subject to successful credit and affordability checks.

What is Buy Now Pay Later?

As the name indicates, BNPL is an easy credit facility under which many stores allow you to defer the payment for your purchases to a later date. While most stores will require a credit check, their expectations are a lot lower than those of banks or credit card companies. Two basic criteria are that you should be over 18 years of age and a UK resident. They may also ask for your proof of income. The whole process can be completed online, and all your transactions can be tracked online after you sign a Buy Now Pay Later credit agreement with the store.

Buy Now Pay Later is now available for every consumer good, ranging from clothing to electronics, from furniture to personal grooming, etc. A BNPL scheme can be arranged in several different ways. Some stores like Gimmitech will allow you to buy now and pay in monthly increments over a long period of time. On the other hand, catalogs like Littlewoods and K&Co. have a plan under which you can delay the your payments by 12 months, i.e. you can pay in any structure you like as long as you clear the balance within a year. Littlewoods also offer great interest free shopping periods so you can shop now and pay later for your items and incur 0% interest on your goods.

Buy Now Pay Later Terms and Conditions

As with any finance facility, BNPL also comes with its own set of fine print. Firstly, you must always check if interest is applicable and how much. ‘Buy now pay after 12 months’ offerings like the one at Very are interest-free during the allotted deferment period. If your account is not paid in full in 12 months, you will be have interest added since day one. Other stores may have annual interest charges regardless of the period of payment.

Another important detail is the requirement of a deposit. Currys is among the many online retailers that demand that you pay a certain percentage as deposit (10% at Currys). This obligation may be waived depending on your credit standing, so you should ask about that possibility if you would like to avoid paying a deposit. Finally, after you have entered the BNPL contract and made your purchase, take full advantage of the online account that the store provides. This account will carefully describe your terms, payment deadline, interest costs and balance, so you can plan for your next payment even before you get the monthly statement. Planning ahead is important because even one missed payment date can cost you heavy penalties.