New credit product allows consumers to spread holiday costs

New credit product allows consumers to spread holiday costs

Point of sale credit provider Pay4Later is launching a new service for travel companies.

It enables firms to offer a range of finance options – including 0% interest – ranging from £275 to £25,000 and over periods of six, nine or 12 months.

This enables customer to start paying for their holiday as soon as they book and spread the cost. Pay4Later’s platform involves ‘soft’ credit searches, meaning a customer’s credit rating is not affected.

Through its own research the company found that around 14.21 million adults who have been on or booked holidays this year put all or some of the cost on credit.

John Wark, marketing manager at Pay4Later, said: “By offering customers credit, travel companies could see a huge increase in sales.”

Pay4Later will provide travel finance for holiday and travel bookings in-store and online.

Holidaymakers can sign their credit agreement simply on screen.

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