- Warning: Late repayments can cause you serious money problems. For help, contact the Money Advice Service.
What is buy now, pay later (BNPL)?
Buy now, pay later is a payment service that allows consumers to shop online and place orders right now, but pay for them later. Most of the services split the final shopping total into 3 or 4 more manageable amounts; the first payment is usually due at the time of order and then each additional payment is due a month apart.
There are several BNPL services available in the UK and each has different terms and conditions and handles the idea of “paying later” differently. The majority of BNPL services offer 0% interest but some do charge interest or late payment fees if payments are missed.
Before you sign up for any buy now, pay later service, be sure you have fully read and understood the terms and conditions of your chosen service.
BNPL services available in the UK
What are the benefits of using buy now, pay later services?
Finder conducted a survey in July 2020, asking 2,000 Brits why they chose to buy now, pay later. Ease and convenience was the number one factor, with the ability to spread the cost of purchases over a longer time period coming in at second.
Why are more brands beginning to offer buy now pay later services at checkout?
In order to stand out in an increasingly saturated market, retailers are having to look to other avenues, besides price, to incentivise consumers.
Offering interest-free buy now, pay later (BNPL) services is an increasingly popular benefit that has been rolled out more recently, especially during the pandemic, to attract shoppers. This is because consumers have come to expect BNPL: nearly 9.5 million Brits said they avoided stores that didn’t offer BNPL, in a study from February 2020 by market research agency Harris Interactive.
Which service is the most popular?
Does using a BNPL service affect my credit score?
This can depend on a few factors. Each BNPL service deals with credit checks in a different way, so be sure to read the T&Cs of your chosen provider. Generally, if you’re able to repay your loan as agreed and don’t miss any payments, your credit score shouldn’t be negatively impacted and in fact could improve. If, on the other hand, you fail to pay on time or miss three monthly payments, your credit score is likely to deteriorate.
Where can I shop when using BNPL?
New customer: 15% off site wide on orders over £20
New to ASOS? Welcome! Use this ASOS discount code to get 15% off everything in your first order. T&Cs apply.
Sale alert! Up to 80% off everything!
Shop the boohoo sale for a fancy suit or new heels and get everything you need at the cheapest possible prices. Hurry and save up to 80% off everything today! T&Cs apply.
Get £25 off £500 spend with Bensons for Beds
Turn your bedroom into a sleep sanctuary with a brand-new bed from Bensons for Beds. Choose from a variety of styles, materials and sizes and get the right bed for you at Bensons! T&Cs apply.
Up to 80% off in the John Greed Jewellery sale
Save up to 80% in the sale at John Greed Jewellery, with discounts on designer branded earrings, bracelets, necklaces and more! T&Cs apply.
Buy now pay later with Clearpay at JD Sports
Buy everything you need at JD Sports and pay later in four easy chunks using Clearpay. T&Cs apply.
Save up to 70% off everything!
Shop at PLT now and score up to 70% off thousands of fashion items! What are you waiting for? Grab something new today! T&Cs apply.
Get 30% off all Menswear!
Fill up your wardrobe with the latest trends in menswear brought to you by boohooMAN! Find the perfect addition to your wardrobe now and save 30% off everything! T&Cs apply.
Almost 4 in 10 Brits say they have used a buy now pay later service, with 44% of shoppers naming ease and convenience as the main reason.
Discover more interesting statistics about buy now pay later, online shopping and more in our report.
Buy now, pay later compared
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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