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.