The Changing Financial Landscape
John Lewis, the century-old UK retailer, has seen a significant increase in the number of customers utilizing its in-house ‘buy now, pay later’ services. Over the past few years, John Lewis has been actively expanding its presence in the financial services sector through strategic partnerships and key hires. The company recently appointed Andy Piggott, former chief product officer at TransUnion, to lead its credit and banking division.
Interest-Free Credit Payment Plans
According to Andy Piggott, John Lewis Finance’s director of credit and banking, more customers are opting for the retailer’s interest-free credit payment plan. This flexible payment option allows customers to make purchases without incurring any interest charges. As a credit broker, John Lewis acts as a mediator, connecting customers with lenders who provide the necessary funds for these loans. The rise in popularity of interest-free credit demonstrates the evolving preferences and financial needs of John Lewis’ customer base.
Introducing Interest-Bearing Payment Plans
In addition to interest-free credit, John Lewis is now introducing a range of interest-bearing payment plans for larger purchases. These plans are designed to accommodate customers who prefer to spread their payments over longer periods of time. For purchases exceeding £200, customers have the option to pay over 12, 24, 36, or even 48 months, with an annual percentage rate (APR) of 16.9%. This expanded range of payment options aims to cater to the diverse financial circumstances of John Lewis’ clientele.
The introduction of interest-bearing credit enables customers to benefit from lower monthly payments over an extended period. By offering more choice, John Lewis ensures that individuals can select a payment plan that aligns with their specific needs and budget. It highlights the retailer’s commitment to providing customer-centric financial solutions and its determination to remain at the forefront of the evolving financial landscape.
