Clearpay

[Deleted User]

Has anyone ever used Clearpay?

I’m tempted but worried they would show on my credit file like a payday loan?

glennstar

ClearPay is one of a score of lenders who offer an instalment product @ PoS or as part of a credit card transaction (recently launched by Visa). As is the case with all financial transactions I recommend that you familiarise yourself with the terms of the agreement.

There is a new breed of Millennial focused financial product (probably a bit agest) available that says it is zero interest and zero admin fee oriented... the retailer (and sometimes the payment provider) pays commission to fund the lender (sequence was shortened - your data was sold, etc). Time will tell if this model is sustainable and if these commendable (and somewhat lofty) aspirations are tenable.

I guess it's a case of user beware.

P.S. where buy now pay later models have operated out of necessity for a generation or two (such as Brazil) this model works really well as the default rate is negligible and lenders can earn a crust, however, the UK market is full of folks who like to take other people's money without any intention of paying it back - and then complain that the irresponsible lending pixies have been at it again and want to compound their non-payment with a bit of compensation - which makes me think this will be a tough market for customers and suppliers... and the FCA too, who currently does not appear to regulate it, as far as I can tell!