The Virgin Money Group Enters The Buy Now Pay Later Market

A British bank has entered the fast-growing 'buy now pay later' market, Virgin Money (VMUK.L) announced

[{"selector":"#anim-6af0adb1-5f95-4d9e-b133-e0e9cd4adcfd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-83196f15-898f-4fb5-b005-4ba11de9cfb9","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0d44f58c-c3d4-48a8-8f41-4547e0336d7e","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] This business can be lucrative, but it can also be controversial. Several mainstream lenders are vying for a piece of the action.

[{"selector":"#anim-a86dcec5-61d2-4114-9477-5a63dd80a0f9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-dbf4933f-8035-4849-8d84-b61a16ad9704","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e20ce543-8d01-447b-b141-1357c1090d50","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] It will be possible for Virgin customers to spread their repayments over several months with a credit card.

[{"selector":"#anim-8734412e-aba4-4be1-ae62-0aa1785fb629 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-cc8614f6-b075-492e-b0d5-9cf72e30c722","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-9663ed9f-c063-4570-8d38-77b94651a461","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Installment fees will apply if the loan is repaid in nine months or more, the company said.

[{"selector":"#anim-09ea60c8-26b7-4db6-a996-a4bc387b85e4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-5bbd6b8b-2c03-4ef2-80ad-96dfb060cb55","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8e02984f-052a-429e-ab16-16fd4562fc92","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In recent years, 'buy now, pay later' products have become increasingly popular with customers buying everything from clothes to electronics.

[{"selector":"#anim-614ecacf-6168-4c1a-b3e0-4f0cbb254ebe [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-564e54a7-3527-44c5-8fed-7ccea1ca554a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d0611113-ad37-4d45-a1c7-70b5407a1472","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Although they sometimes charge high-interest rates, lawmakers and watchdogs have criticized them for this.

[{"selector":"#anim-8f8983dd-9385-4252-814b-56eaaac1f404 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-73cc8795-4fdb-4ce3-be3f-f61df583ecd4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e3fb2735-cd74-4481-8e96-a27d45d2b0b8","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] A credit and affordability check will be performed before customers begin to spend, ensuring responsible and safe credit lending

[{"selector":"#anim-748c3949-36d0-4697-b537-1416fd116355 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-c6fbd8bd-dc3c-4fa8-ac23-982c2bd435bb","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e285d287-cb94-44af-ad96-96f53ca588e6","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] A Virgin Money waiting list and prize draw offers customers the chance to win 150,000 Virgin Red points and £2,000 spending money, enough for a trip to Miami

[{"selector":"#anim-020896f9-7076-4d3e-b293-8a5d64c13819 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(1.2499997041868909%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] [{"selector":"#anim-480a315d-906c-48e4-afa4-6cc5c60941e3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b2c3cb70-9d78-4d26-92e9-916314d4efad","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] For more information, please visit our website. Click on the link below to visit our website. We appreciate you taking the time to read our storie click here more more stories