Monzo becomes first major bank to launch buy now pay later scheme

Former_MSE_Sophie

SHORT OVERMonzo has become the first major bank to launch its own buy now, pay later (BNPL) scheme. The bank's 'Flex' service enables its current account customers to make interest-free repayments in three instalments over three months on purchases worth between £30 and £3,000.

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'Monzo becomes first major bank to launch buy now pay later scheme'

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grumiofoundation

The bank's 'Flex' service enables its current account customers to make interest-free repayments in three instalments over three months on purchases worth between £30 and £3,000. But interest of 19% APR will be charged if you need to repay in more than three instalments.

So for people paying in more than 3 instalments really it should be called 'buy now pay quite a lot more later'