Customers at John Lewis can now spread the cost of purchases over a longer period of time with the introduction of new payment plans. Shoppers can opt to pay with an interest bearing credit plan on eligible items in all John Lewis stores, as well as via the app and johnlewis.com.
The new interest bearing credit payment plan is available on purchases over £200 in the Electricals, Home, and Nursery categories to help customers buy what they need, when they need it, in a way that helps them manage their finances.
This payment option will be offered to customers on eligible purchases alongside the existing Interest Free Credit option. The rate is 16.9% APR representative, repayments and total amount payable over the period will always be clearly displayed to ensure that customers make an informed choice.
Andy Piggott from John Lewis Finance said: “We’re seeing more of our customers choosing our Interest Free Credit payment plan. For those who want lower payments over a longer period of time, the introduction of interest bearing credit offers customers more choice – helping them find the right plan to suit their circumstances.”
Customers looking to pay in this way simply need to ask a Partner in store, or online – add items to their basket, and if one or more items are eligible, they can choose credit as an option. At checkout, a customer should:
Select the finance option that they would like
Review and confirm eligibility
Complete a soft credit check (which won’t show up on credit history) and full credit application for their finance option
Upon successful application, sign the agreement and create an online account
Representative examples
Interest Free Credit: Representative APR: 0% APR (Fixed) | Interest Bearing Credit: Representative APR: 16.9% APR (Fixed) |
Cost of your order: £1,000 | Cost of your order: £1,000 |
Credit offered: £1,000 | Credit offered: £1,000 |
Loan period: 12 months | Loan period: 24 months |
12 monthly repayments: £83.33 | 24 monthly repayments: £48.82 |
Total amount payable: £1,000 | Total amount payable over 2 years: £1,171.83 |
Cost of credit: £0 | Cost of credit: £171.83 |
Credit payment plans are subject to eligibility, and the payment terms depend on the product. They range from paying over 12 months, 24 months, 36 months and up to 48 months on the biggest ticket items. All interest bearing credit is offered in a regulated and responsible way. John Lewis plc acts as a credit broker and not a lender – credit is provided exclusively by the lender Creation Consumer Finance Ltd.
