Its new “Pay Monthly” program is provided by Hitachi Personal Finance, and is similar to that offered by other retailers like John Lewis and Tesco, e-commercefacts.com reports. Pay Monthly lets customers spread out the cost of expensive goods so that they don’t have to pay the full price up front.
Amazon and Hitachi are currently offering two-, three-, and four-year plans that will make things like computers, televisions, and smartphones more accessible to many. The interest rate for these plans is 16.9% and customers will have to be approved with a credit check. In most cases, customers know whether or not they qualify for the plan in under a minute, Amazon says, the source cites.
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