×
3 365
Fashion Jobs
COTY
Brand Manager
Permanent · London
MULBERRY
Digital Stock & Warehouse Coordinator
Permanent · SHEPTON MALLET
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · NORTH LYNN INDUSTRIAL ESTATE
SHISEIDO
Shiseido Account Manager - h Beauty Milton Keynes (37.5 Hours)
Permanent · Milton Keynes
FRASERS GROUP
Warehouse Supervisor - Night Shift
Permanent · SHIREBROOK
HUGO BOSS UK LTD.
Womenswear Sales Manager
Permanent ·
HUGO BOSS UK LTD.
Finance Manager (Maternity Contract)
Permanent ·
COACH
Brand & Media Manager
Permanent · London
REISS
Brand & Comms - Marketing Manager
Permanent · LONDON
HEAD OFFICE
Digital Product Manager – Identity And Account
Permanent · LONDON
HEAD OFFICE
Senior Marketing Planning Manager – John Lewis Financial Services
Permanent · LONDON
HEAD OFFICE
Buyer, Waitrose & Partners (Level 7)
Permanent · BRACKNELL
JOHN LEWIS
Loss Prevention Partner
Permanent · DARTFORD
HEAD OFFICE
Buyer, Waitrose & Partners (Level 5)
Permanent · BRACKNELL
SELFRIDGES
Product Manager
Permanent · LONDON
NEW LOOK
Sales Manager
Permanent · METROCENTRE
FRASERS GROUP
HR Business Partner
Permanent · SHIREBROOK
EVERLAST GYMS
General Assistant - Everlast Fitness (Maternity Cover)
Permanent · ROYTON
PHV
Marketing Executive, UK, Ireland & Nordics (Tommy Hilfiger)
Permanent · London
JIGSAW
Warehouse Operative
Permanent · SWINDON
TJX EUROPE
Loss Prevention Graduate Programme (2023)
Permanent · Grand Londres
ZARA
Visual Merchandising Manager (Kidswear) - Zara - Kingston
Permanent · KINGSTON UPON THAMES
Ads
Published
Jan 16, 2023
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

BNPL firm Zilch to start sharing data with credit rating agencies

Published
Jan 16, 2023

UK buy-now-pay-later (BNPL) financier Zilch is to begin sharing data on customers' balances and repayments with credit rating agencies. The move is being seen as a possible restriction on borrowing if consumers fall behind on payments.


archiv


The tightening of its lending rules comes as BNPL companies in general brace themselves for regulation from the UK’s Financial Conduct Authority (FCA). New powers are expected to restrict lending later this year with compulsory credit checks to be among the new regulations.

Zilch, which claims three million users, had adopted a ‘soft’ credit check on customers until this month. It would perform its own lending assessment and set an affordability limit, although this would not impact the consumer’s credit rating, it told The Telegraph. 

Chief executive Philip Belamant said the change would allow people to build up their credit scores without taking out expensive credit cards.

Belamant added “Zilch has always done a full affordability check when customers sign up. We have taken it a step further on the reporting side. Within the next 30 days, Zilch data will start to appear formally on customer’s credit scores. We hope by the middle of the year we will see regulation move in on this space.”

Zilch’s payments app and card allows consumers to pay in four instalments over six weeks. There are no upfront fees for using its app with a partner store and it charges a £2.50 flat fee for purchases from any other store.

The BNPL sector has grown fast in recent years and many relied on it for Christmas purchases. While it’s been extremely useful for consumers, allowing them to buy products and pay in instalments with no interest payments building up, there's been plenty of criticism that it's encouraged people to spend more than they can afford. And the fact that BNPL payments could be approved without reference to a shopper’s credit rating made this more likely, critics said.

Copyright © 2023 FashionNetwork.com All rights reserved.