Virgin Money is set to enter the buy now, pay later market later this year, with Virgin Money Slyce.
The new product enables customers to consolidate their credit spending in one place, with one monthly payment, with any spend over £30 spread across three, six, nine or 12-month repayment plans - and paying back in three or six months is fee-free.
For longer plans, an instalment fee is added. This is a percentage of the total amount a customer puts into the plan – nine monthly payments have a 7.5% fee, while 12 monthly payments have a 10% payment.
