American online retailer Amazon has offered its customers in United Kingdom the option to pay monthly if they order for more than 400 pounds (550 euro).
16.9 % interest
The amount of 400 pounds can be spread over different products and is therefore based on the entire order. The monthly payments can be spread over 2, 3 or 4 years, depending on the size of the order. Customers that want to use the service are automatically checked if they meet the requirements online without having to leave Amazon's website.
No down payment is required for the service, but consumers will have to live with a 16.9 % interest. Amazon Pay Monthly is only available when the products are sold and shipped by Amazon itself, which means that it does not apply to third party items.
"The new Amazon Pay Monthly program provides our customers with further payment options to suit their needs when shopping on our website, and it is easy, convenient and offers competitive rates and flexible terms", Amazon says.