Andy Piggott/John Lewis
John Lewis sees BNPL uptick, expands lending options
John Lewis' financial services push includes acting as a credit broker and not a lender for a suite of new loans with the credit provided by Creation Consumer Finance
John Lewis, the century-old UK retailer, is seeing more customers use its in-house ‘buy now, pay later’ services.
In recent years Joh Lewis has been pushing deeper into financial services through a number of partnerships and hires including poaching TransUnion’s former chief product officer Andy Piggott to lead its credit and banking division.
“We’re seeing more of our customers choosing our interest-free credit payment plan,” ohn Lewis Finance’s director of credit and banking Andy Piggott. said.
The retailer is also introducing a range of interest bearing payment plans for purchases that customers want to spread over longer periods for purchases over £200 at a rate of 16.9 per cent APR.
Plans range from paying over 12 months, 24 months, 36 months and up to 48 months on more expensive items.
“For those who want lower payments over a longer period of time, the introduction of interest bearing credit offers customers more choice - helping them find the right plan to suit their circumstances.”
John Lewis acts as a credit broker and not a lender for these loans with the credit provided by lender Creation Consumer Finance