Today, peer-to-peer lender Lending Works announces the launch of their bespoke retail finance offering. The core products ‘Pay in 3’ and ‘Flexi’, which is available in both interest-free and interest-bearing variants, will provide flexible point-of-sale finance options for purchases from £50 to £25,000, allowing retailers to offer flexible payment options for their customers.
The first product, the ‘Pay in 3’ option allows retailers to finance small purchases from £50 to £500 interest free, with the retailer paying subsidies of just 3.5%.
“By offering Lending Works’ point-of-sale retail finance, retailers can ensure that their customers are well placed to make informed purchases on finance. It costs more than ever to pay for purchases with a credit card and it would be bad for the economy to see a slow down on spending – intelligent retail finance solutions are the answer.”
Nick Harding, Lending Works Co-Founder and CEO
The ‘Flexi’ product has two variants. The first allows consumers to borrow interest free for purchases between £250 and £25,000 and a borrowing length from 6-months to 60-months, with market-leading subsidies for the retailer. The second offers interest rates from 4.9% APR to 29.9% APR for 6-months to 60-month loans. The average rate for the interest bearing ‘Flexi’ product is 9.9% APR. Collectively, the average interest rate paid by the customer is currently less than 2.0%, whereas UK consumers pay on average 19.9% APR for their credit card debts, thus saving the borrowers on average more than 18% in their interest payments.
By partnering with Lending Works to offer a point-of-sale retail finance solution, retailers can help consumers to make tomorrow’s purchase today by spreading the cost of their purchase over an extended period of time, at no, or very little, extra cost.
Nick Harding, Lending Works’ Co-Founder and CEO says, “Our retail finance proposition is game-changing for both consumers and our retail partners. Offering point-of-sale finance can increase sales for retailers by 17% and order value by 15%, on average. And with a retail finance platform like ours, which is packed with innovative features, you can expect to see a marked improvement in sales. For customers, it’s simple, with an NPS score of +83, we believe we have the best customer experience in the retail finance market.”
The launch of this new retail finance proposition continues Lending Works’ mission to offer fair financial products that people and love at rates that are compelling for lenders, borrowers and partners. Lending Works retail finance products are now live with 25 retailers across the UK and it hopes to double this before the end of 2019.
Terry Healy, Owner at Portsmouth Golf Centre, says “The Lending Works platform is the most customer-friendly application process we’ve found, both intuitive, quick and easy. We love the innovative finance options, no monthly fee and quick settlements.”
Daniel O’Farrell, Owner of Daniel Christopher Jewellers, says “The Lending Works consumer credit platform is easy to work with. Having used complex, difficult to use platforms in the past, this makes the whole application process a breeze for us, and most importantly our customers.”