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January 5, 2016updated 31 Aug 2016 12:19pm

Amazon takes on UK retailers with Pay Monthly loans

News: Only products sold and dispatched by Amazon will be eligible.

By CBR Staff Writer

Amazon is planning to compete against the UK’s high street furniture and electrical retailers by introducing loan options for customers who purchases products worth £400 and more.

Named ‘Amazon Pay Monthly‘, the programme will allow buyers to pay for their purchase over as many as four years.

Customers will be charged interest at the rate of 16.9% on the loans, which can be opted for several items that cost £400 or more.

Amazon is trying to make the service even more attractive by eliminating the deposit, as the first payment is the opening monthly installment.

However, only products sold and dispatched by the e-commerce giant will be eligible for the programme, which makes it clear that products sold on Amazon by third parties are not included.

The retailer has reportedly teamed up with Hitachi Capital to run the service, with Hitachi Capital previously working with a n umber of UK chains, such as department store John Lewis, which also offers interest-free credit on furniture.

However, shoppers holding Amazon store card in the US can buy products and services from the site on credit.

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