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Interest Free

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Interest free credit

Product overview

What is Interest Free Credit?

A personal loan over a fixed time that allows customers to pay off their purchase in equal monthly payments, with absolutely no interest:

Benefits for your customers

  • Equal monthly payments over a set amount of time
  • The balance of the loan can be settled at any time
  • The loan isn’t secured against the product purchased
  • Available across a range of terms, from 3 months
  • Minimum spend of £250, maximum £50,000
  • Could help you to attract and convert a wide range of customers
  • Customers may be able to make larger purchases earlier if it fits with their monthly budget

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 apply for a Barclays Partner Finance loan, your customers will need to meet the below eligibility criteria:
  • Be at least 18 years old.
  • Ensure their payments are up to date on existing lending and do not have current or recent arrangements with your creditors.
  • Ensure they are not subject to Bankruptcy, Debt Relief Orders, County Court Judgments (CCJ’s) or Defaults.
  • Be employed, self-employed or retired.
  • Have a regular and sustainable monthly net income of £500 or over (£6,000 a year). Only include income from employment, self-employment, pension or certain Department for Work and Pensions (DWP) benefits.
  • Have been a UK mainland resident for at least three years (residents of the Channel Islands and the Isle of Man are not eligible)
  • Have a UK personal bank account from which Direct Debits can be taken.
  • Have a mobile phone number and an email address.
Customers may need to provide a photo ID (either a passport or a driving licence). They must agree to receiving your account documentation from Barclays electronically.
Missing payments will result in their account falling behind and being reported to the credit reference agencies as detailed in the credit agreement.
Credit is subject to application, financial circumstances and borrowing history.