The banks may have tightened their lending criteria, but weekly payment stores continue to extend customers store credit with bad credit or no credit history. When you need to buy a new washing machine, cooker, sofa, laptop computer, or television you can spread the repayments over a defined term.
Buy now pay later stores don't guarantee credit, but you're extremely likely to be approved if you're able to comply with a basic set of eligibility criteria. You won't need to provide a deposit or have good credit, but this will be reflected in the rate of interest you'll have to pay.
Cost of Store Credit with Bad Credit from Brighthouse Group
Rates are subject to status, but the typical rate of APR is a very competitive 29.9%. This compares extremely favourably to the rate of interest charged by other poor credit lenders. For example, a doorstep cash loan from Provident Personal Credit for £500 has a rate of APR of 272.2%. Payday and pawnbroker advances aren't suitable for buying furniture or electrical goods due to their 30-day maximum duration and usury rate of interest.