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Retailers bank on buy now, pay later: John Lewis and M&S seek to tap into booming billion pound industry with their own checkout credit options

Retailers bank on buy now, pay later: John Lewis and M&S seek to tap into booming billion pound industry with their own checkout credit options George Nixon For Thisismoney.co.uk © Provided by This Is Money MailOnline logo Some of Britain s biggest high street names look to be developing their own in-house challengers to buy now, pay later services like Klarna as they try and muscle in on the booming £2.7billion sector. John Lewis has launched a regulated online payment method in partnership with French bank BNP Paribas that will let customers borrow up to £35,000 to fund home improvements and pay it back interest-free over 12 months.

John Lewis and M&S launch buy now, pay later schemes

Some of Britain s biggest high street names look to be developing their own in-house challengers to buy now, pay later services like Klarna as they try and muscle in on the booming £2.7billion sector. John Lewis has launched a regulated online payment method in partnership with French bank BNP Paribas that will let customers borrow up to £35,000 to fund home improvements and pay it back interest-free over 12 months. And far from taking pay later methods off its website, as it was urged to by Labour MP Stella Creasy last month, fellow high street fixture Marks & Spencer looks set to be building its own version.

John Lewis and M&S launch buy now, pay later schemes

John Lewis and M&S launch buy now, pay later schemes
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Ombudsman complaints: Guarantor loans replace PPI

There were 10,321 complaints about these lenders in the last 3 months of 2020  Guarantor loans are aimed at less creditworthy borrowers and have high APRs They can see friends and family have to foot the bill if a borrower can t pay There are increasing complaints that such loans have been mis-sold and were unaffordable  Had a problem? Get in touch: george.nixon@thisismoney.co.uk 

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