According to Pay4Later, applications will take less than 10 seconds to complete and involve ‘soft’ searches, meaning a consumer’s credit rating will not be affected.
Working with over 1,000 retailers and lenders including RateSetter and Omni Capital, Pay4Later’s new Version 2 platform will offer consumers five chances of being accepted instead of being rejected if they fail a credit score. The ‘multi-tier’ and ‘multi-lender’ facility means applicants originally rejected at a certain interest rate can now be offered it at a higher APR by the same lender, or offered credit from another lender.
Scott Law, CEO of Pay4Later, said: “Two years ago we were working with just over 200 retailers and now it is more than 1,000. The amount lent to shoppers through our platform has more than doubled in the past year, and with our new vastly improved platform with market leading and unique features, we expect to see strong growth in the number of retailers we work with and the amount they lend through us.
“We estimate that every year retailers lose out on up to £4.9bn in sales because they cannot offer customers credit. Our analysis shows retailers that offer credit can see sales increase of up to 40 percent and order values rise by up to 300 percent.”