Currys Buy Now Pay Later (BNPL), also known as Currys Flexpay, is a BNPL service that allows consumers to buy tech products such as home appliances and electronics, gadgets (TVs, laptops), and more, and defer the product's payments for a set period, typically up to 6, 9, or 12 months, without interest if paid in full by the end of the promotional period.
This is amazing right? The interest rate on the Currys Flexpay account is 29.9% annual percentage rate (APR) Representative (Variable), an interest that applies to your payment if you don’t pay off the balance within the given promotional timeframe.
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As I was saying before the brief introduction, Currys BNPL is a financing service designed to make high-ticket tech purchases more affordable for consumers in the United Kingdom (U.K.). The most amazing part of this BNPL is that no initial deposit is required to use the service.
Let's not talk too much about Currys Buy Now Pay Later. Let's dive into the primary reason of this article. In this article, I'm going to discuss with you every about how Buy Now Pay Later (BNPL) works for Currys customers in the United Kingdom. So, without much ado, let's dive straight into the primary purpose of this article.
What is Currys Buy Now Pay Later?
Currys’ BNPL is a payment plan that enables customers to buy tech products, and split the payments installmentally in a given period of time, with the option to complete all payments in full within the given timeframe and avoid all interest on the payments or spread payments over 12 to 36 months with interest.
Let me explain much better. Let's assume you purchase a gadget costing £99 and you choose Currys Flexpay as a payment option, you will be given a timeframe (e.g monthly payment for 6 month) to split the payments of the product. If you can pay all the split payments within that 6 months, Currys will wave the interest. But if your payment is extended to more month, you will then pay 29.9% annual percentage rate (APR) of interest.
That's exactly how the Currys Buy Now Pay Later work. However, there's more to it. This financing option is backed by Flexible Credit that's now rebranded as Currys Flexpay account. The Flexible Credit is provided by Creation Consumer Finance Ltd (part of BNP Paribas Personal Finance). These are the companies behind this great and amazing BNPL service in the U.K.
Keynotes for Currys BNPL
Here are the key notes of the Currys Buy Now Pay Later services in the UK:
- The Currys Flexpay (Buy Now Pay Later) allows you to buy tech products in installments. That's, payments are split to a certain amount and paid monthly.
- It's either you pay the full balance by the end of the BNPL period to avoid interest, or pay 29.9% APR if the BNPL period exceeds.
- If you're unable to complete the payment in full within the given BNPL period, any remaining balance will incur interest from the purchase date at 29.9% APR (variable).
- It's also important to note that making partial payments during the BNPL period will not accrue any interest until the period ends. After that, unpaid balances roll into a standard credit plan with interest.
- The payment options that are available on Currys Flexpay are: monthly installments that range from 12 months to 36 months, and you can choose a interest-free credit on select products for fixed terms. Periods for the interest-free credit typically depends on factors including product price. Typically, the fixed terms are usually below 12 months.
- You should also note that if you pay off part of the balance does not restore your credit limit for new purchases. This simply means, untill you make full repayment, your credit limit will not be restored. Meanwhile, you can pay more of the balance or pay off everything early and this will not incurs for any consequences.
- Lastly, do note that the Currys Flexpay's payments take at least five (5) good working days to process, so plan ahead when repaying to avoid interest.
How to Apply and Use Buy Now Pay Later on Currys
The process of getting Currys Buy Now Pay Later (BNPL) for your products is simple. First of all, you need to meet all the eligibility criteria, and follow the due application procedures. Upon approval, you'll receive a reusable credit limit. This credit limit will only works for products that cost up to £99 and above at Currys online store or physical store.
Eligibility requirements
So, what are the eligibility requirements to apply for a Currys Flexpay account with BNPL option?:
- First of all, you must be between the age range of 18 to 80 years living in the United Kingdom (UK) for at least 3+ years with valid proof of address or identity (e.g., passport, driving license, or utility bill).
- Secondly, your gross annual household income must be at least £10,000 or more, and you (the applicant) or your spouse must be in full-time employment, retired, or receiving disability allowance.
- Lastly, you must provide a bank account details for direct debit (DD) repayments. However, it's important to note that for mobile purchases for this type of transaction, a £1.01 debit/credit card authorization may be required. The amount deducted will be refunded immediately after the authorization.
Now, once you meet all these eligibility requirements/criteria, then you can proceed to the application process which can be either done online or in any Currys physical store. Let's dive into the application processes below.
How to Apply
Online Application:
- To start Currys BNPL online application, make sure you meet all the eligibility requirements. After that, you'll need to cart all the products you want to buy in the Currys website and proceed to checkout page.
- On the checkout/payment page, choose “Flexible Credit” as your payment option. Note, your products selection must not go below £99, otherwise you'll not be eligible for credit.
- Once Flexible Credit is selected, now use the credit calculator on the page to calculate your BNPL repayment terms. If you agree with the terms, then you can proceed.
- Once you click on proceed, Currys will carry out a credit check to know your creditworthiness. However, a pre-check option is available to assess eligibility without affecting your credit score.
- Once your application is approved, you'll receive a credit limit and confirmation on your account via email, with the account details sent for registration at the Your Plan website. The "Your Plan" website is the online portal managed by Creation Consumer Finance Ltd, the financial partner of Currys. This website allows Currys customers to register and manage their Flexpay accounts after approval.
In-store Application:
- Walk into any Currys store in the U.K. and tell the cashier that you want use Flexible Credit.
- Provide IDs and the cashier will help you in completing the application processes.
- The cashier will also show you the credit calculator results to choose your preferred and comfortable repayment terms.
- Once your application is approved, you can use the credit limit immediately in the store or save it for later. The approval process is usually within minutes after successful submission of application.
In a nutshell, the Currys Buy Now Pay Later application is being carried out online and in-store.
FAQs
What is Currys PC Buy Now Pay Later?
Yes, there's Buy Now Pay Later (BNPL) option for PC on Currys. Infact, any available gadgets and appliances like TVs are available for 6 months, 12 months, 18 months, and 24 months instalments.
Is Currys Buy Now Pay Later Interest Free?
Currys BNPL is interest variable. This means it can be interest-free, but it depends on how you manage repayments. Under the Currys Flexpay scheme, you can defer payments for 6, 9, or 12 months on products costing £99 or higher
If you pay the full balance by the end of the of the given interest-free period, no interest will be charged. However, if you don’t clear the debt in the given interest-free timeframe, interest will be applied retroactively from the purchase date at 29.9% APR.
Note: The interest-free fixed-term options are typically for repayment plans that's below 12 months e.g., 3 months, 6 months, 9 months and 12 months. However, depending on factors like price, and longer-term plans, some repayment may extend to longer period e.g., 18 months, and 24 months but incur for higher interest rate. You will see a credit calculator for use at the checkout page. Use the credit calculator to calculate your BNPL repayment period and interest before applying for the credit.
How to pay Currys BNPL?
How to repayment Currys BNPL is simple. You can choose to make partial payments or pay back in full early. Any of thjs option will not incur for a penalty. To payback your Currys Buy Now Pay Later credit, you have to manage your repayments via Creation Consumer Finance using their Online Account Manager that's accessible via https://account.creation.co.uk. Use the details sent to you after the credit limit approval to make payments on the website. You can also link your debit/credit card or a UK bank bank account to your Currys Flexpay account to make Direct Debit. Meanwhile, it's important to let you know that this kind of repayment option usually takes up to five business days to process. So, you may need to make your decisions faster to avoid late repayment.
Conclusion
Founded in 1884 as a bicycle shop by Henry Curry, Currys is a major UK-based retailer now specializing in electrical and technology products, including PCs, TVs, cameras, appliances, and gaming gear. The retail store offers a financing payment model for consumers called "Currys Flexpay" popularly known as Currys Buy Now Pay Later.
This financing model allows consumers to buy gadgets, home appliances and electronics that worth £99 and higher in installments. That is, payment are splits within a chosen period as it's comfortable by the consumers. The special thing that differentiate Currys BNPL from other BNPL services is that it's interest-free.
Meanwhile, not all products are interest-free. Factors including repayment terms and price of products can influence the decision of a product to be interest-free or interest-incur. Read this article from the start to understand how the Currys BNPL works.
