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News

NewDay launches regulated instant access credit account, Newpay

Friday 19 November 2021 12:29 CET | News

NewDay, one of the UK consumer credit providers, has launched Newpay, a regulated instant access credit account, according to IBS Intelligence.

Newpay is an instant access digital credit account designed to help consumers spread the cost of more extensive online baskets and purchases. 

Newpay fully integrates into the retailer’s checkout experience, offering seamless access to credit for customers.

Newpay offers customers a credit limit of up to GBP 5,000, which can be used across various online retailers. The digital credit account allows customers to break down the cost of online purchases into monthly payments, with just one amount to pay each month, even if an individual has multiple payment plans. There is just one account for all purchases, allowing customers to see their Newpay purchases in one place, either online via the Newpay website or in the Newpay App.

A credit product regulated by the Financial Conduct Authority, Newpay uses the same standard of affordability checks as NewDay’s other consumer credit products, with an individual’s ability to repay considered at the application stage. Checking eligibility for Newpay does not impact an individual’s credit profile, with a quick no risk check carried out. If a customer passes the eligibility check and decides to apply for a Newpay account, a more detailed check, which will show on their credit file, will be conducted.

 


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Keywords: online payments, online shopping
Categories: Payments & Commerce
Companies:
Countries: United Kingdom
This article is part of category

Payments & Commerce

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