NewDay, one of the UK’s largest consumer credit providers, launched Newpay, an instant access digital credit account designed to help people spread the cost of larger carts and online purchases. .
Newpay offers customers a digital credit limit of up to £ 5,000, which can be used by a range of online retailers, allowing them to break down the cost of internet shopping into manageable monthly payments, with a single amount at pay monthly – even if an individual has multiple payment plans.
There is only one account for all purchases, allowing customers to view their Newpay purchases in one place, either online through the Newpay website or in the Newpay app.
A credit product regulated by the Financial Conduct Authority (FCA), Newpay uses the same affordability verification standard as NewDay’s other consumer credit products, with an individual’s repayment capacity taken into account at the stage. demand.
NewDay branded credit cards
- Aqua credit card
- Ball credit card
- Opus credit card
- Fluid credit card
NewDay’s co-branded credit cards
- Amazon credit card
- Tui Credit Card
- Debenhams Credit Card
- House of Fraser Credit Card
- Laura Ashley Credit Card
- Burton Menswear Credit Card
- Dorothy Perkins Credit Card
- Evans Credit Card
- Miss Selfridge Credit Card
- Credit card holding
- Topman Credit Card
- Topshop Credit Card
- Wallis credit card
The Newpay eligibility check does not impact anyone’s credit report as a quick “risk-free” check is performed.
If a customer passes the eligibility check and decides to request a Newpay account, a more detailed check, which will appear on their credit report, will be performed.
As a credit account, Newpay can help customers build their credit score over time as long as they stay within their credit limit and make their monthly payments on time.
This is a key differentiator for customers, unlike some unregulated Buy Now Pay Later products on the market.
Newpay customers only need to be approved once and receive a credit limit that will apply to all current and future purchases made through their Newpay account, rather than having each transaction approved individually.
Customers can use their Newpay account for multiple purchases, as long as the balance of all purchases remains within their credit limit.
Newpay allows a range of payment plans, including:
- Monthly installments with fixed payments over periods of six to 24 months for purchases over £ 100 at the customer’s standard interest rate
- Monthly payments with fixed payments of six to 24 months at 0% interest with selected retailers
- Revolving credit
Customers simply choose which of these payment plans they want when making their purchase. The Newpay app allows customers to easily track and manage payments.
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Ian Corfield, Commercial Director of NewDay, said: “We believe Newpay can help meet customer needs in the evolving e-commerce space. Many unregulated Buy Now, Pay Later providers offer products that require customers to make multiple payments on these plans each month.
“With Newpay, we wanted to give customers the ability to choose the payment plans and timeframes that suit them, with customers only paying one amount per month, even if they have multiple payment plans in place for their purchases. .
“As a consumer finance company, we believe that our regulated offering and our expertise in understanding and assessing an individual’s credit profile positions us to provide customers with meaningful products. Newpay helps people get ahead with credit as long as they stick to their credit limit and make their monthly payments on time.
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