Ikea has launched its own ‘buy now, pay later’ service offering interest free financing on purchases over £99.
Ikea shoppers can now apply to pay for their home renovation projects through a new ‘Financial Services’ offer, which launched across the UK today.
This will give customers the option to spread interest free loan repayments of up to £15,000 between three and 48 months depending on the amount borrowed.
Shoppers can apply via a new digital application process both online and instore, and will need to provide a valid form of ID and their home addresses for the last two years.
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“The new Finance Services are an important part of our ambition to make Ikea even more affordable for the many and makes applying for financial support more accessible and convenient for all customers,” Ikea UK’s commercial country manager David McCabe said.
“Whether it’s needed to support smaller updates or bigger projects, the new offer is designed to be flexible and fit customers’ individual needs. We hope this new service helps customers create the home they dream of and leads to a better everyday life.”
Ikea is the latest in a string of companies offering their own delayed payment service, following John Lewis in March.
Aside from companies offering their own finance options, swathes of the high street now offer delayed payments through third party services like Klarna and Laybuy following blistering growth in the industry throughout the pandemic.
However, many of these services have begun to see customers hit back at their practices amid reports that they negatively affect credit scores and disproportionately impact younger shoppers with little financial experience.