Almost a quarter of UK consumers spreading the cost on purchases
22.8 million people across the country are borrowing from non-traditional finance source, excluding payday loans.
Almost half of UK consumers (45.4%) use one or more type of non-traditional finance for borrowing such as store cards, Hire Purchase, spread the cost or buy now, pay later plans according to research.
Paying on credit or spreading the cost of items is the most popular form of non-traditional borrowing, with nearly a quarter of consumers revealing they are currently using this type of credit.
More than one in 10 shoppers are currently paying in weekly or monthly instalments for furniture, appliances or gadgets they have bought suggesting that these ‘non-traditional' forms of borrowing are becoming increasingly more traditional.
Customers are coming to expect the option of finance to be available, particularly on big-tickets items they wouldn't usually be able to afford in a one-off purchase.
With retail finance you can offer your customers the chance to buy today and spread the cost with a choice of interest free and interest bearing options.
The ActSmart retail finance scheme is partnership with V12 Retail Finance has received very positive endorsement from users to date, with reduced subsidy rates and exceptional acceptance rates.
The scheme is available in the cycles, outdoors and snowsports markets represented by the consumer facing brands Ride it away, Take it outdoors and Slide it away.