Overlay

Ponance Bank Buy Now Pay Later

Letting you slice the cost in 4 at 0% interest

Buy Now Pay Later is a credit product. Subject to status and a full credit assessment. To apply you must be 18+, earn at least £10k per year, be a resident, a Ponance Bank current account holder and must not already have Ponance Bank Buy Now Pay Later. Mobile app required and available with compatible iOS and Android devices and a mobile number. Late fees apply.

About Buy Now Pay Later

How does it work?

FAQs

Apply now

Shop today, pay over time

play button

Apply and manage everything via our mobile app - watch this video to see how it works
0% interest and no fees when you pay on time
Spread the cost of purchases over 4 monthly instalments
Make overpayments whenever you like
Get a virtual card to shop in-store or online

Use for purchases over £50 (max. credit limit £1,000)

How does it work?

Easy access from your mobile

Once you're approved, your new Buy Now Pay Later account will show up in your mobile app within 1-2 working days. You'll then be able to add your new virtual card to your Apple Pay or Google Pay™ options.

How do I add my card to Apple Pay or Google Pay? Close

Adding your card to Apple or Google Pay

We have compiled a step-by-step guide on how to add your card to either Apple or Google Pay.

Note: When you get your virtual card, we'll need you to use biometric approval, so we can securely show your personal card details in the app. More about biometric approval.

If you’d rather not register for biometric approval, don’t worry - you can apply for borrowing without registering for biometrics. View our range of borrowing options here.

Shop in-store or online

Pay with your virtual card anywhere Mastercard® is accepted - in-store or online. Use Apple Pay or Google Pay, or find the card number, expiry date and CVV you can use in your mobile app.

What you can't use your card for Close

What you can't use your card for

purchases under £50
balance transfers
money transfers
cash advances
foreign currency transactions
gambling transactions including payments to gambling merchants

Repay in 0% instalments

We'll split the cost of your purchase into four interest-free monthly instalments. If you use your card for more than one purchase, we'll combine them into one monthly Direct Debit payment.

Take a look at our payment example Close

Payment example:

Example based on an assumed credit limit of £1,000*.

	Purchase Price	Instalments
Sofa	£400	£100
Washing Machine	£200	£50
Coat	£80	£20
Total monthly payment		£170

*Your application and credit limit (max £1,000) is subject to status and a full credit assessment.

Like other regulated credit products, you can make additional payments, or clear your balance completely, at any time you choose. For more information on repayments please refer to our FAQs.

What you should know about payments

The first payment won’t be due until 25 days from your statement date. This is usually the date you applied - you can keep track of this in your mobile app.
A £12 late payment fee will apply if a payment is more than one day late. Missed payments can negatively impact your credit score, and may also be reported to credit reference agencies. This may make it harder for you to obtain credit in the future. More information can be found in this FAQ.
We may offer you the choice of longer repayment terms in the future, at a cost, which you'll be notified of.

Is Ponance Bank Buy Now Pay Later right for you?

It's important to be sure that Ponance Bank Buy Now Pay Later is the best option to suit your needs. Take a look at our full ways to borrow guide to understand what best works for you.

Compare your borrowing options

Ready? Let's get started

Scan this QR code on your mobile phone which will take you straight to our mobile app where you can see if you are eligible for Ponance Bank Buy Now Pay Later - just tap on the Buy Now Pay Later icon after you log in.

Please note, you will need to have the Ponance Bank app downloaded on your phone. You'll also need these to apply:

Address details for the last three years
Details of your income, outgoings and employment
A smartphone compatible with our mobile app

This is a credit product. Your application and credit limit is subject to status and a full credit assessment.

How do I scan a QR code?

What if I don't have the Ponance Bank mobile app?

FAQs

Can I make additional payments?

Yes, like other regulated credit products, you are able to make additional payments, or clear your balance at any time. You won’t incur any fees for making additional payments and the easiest way to make them is via the mobile app. Simply open the app and select Ponance Bank Buy Now Pay Later from your account list.

Note: additional payments will be applied to the earliest purchase first.

What happens when I make an overpayments or get a refund?

When you make an overpayment, or a refund is credited to your Buy Now Pay Later account, your available credit will refresh to show the amount you have available to spend.

However, you can't choose how a payment or other credit is applied to your account. Any excess payments or credits (eg. refunds) will be applied to pay off the earliest purchase first.

What happens if I miss a payment?

If you miss payments, the cost of your debt will grow as you will have to pay us charges.

If you miss a payment, or make a payment more than one day after it's due, we'll charge a late payment fee of £12. We'll apply this fee only once per statement month, not once per instalment due. We may also refer you to a debt collection agent.

Missing payments could have severe consequences on your finances. For example, it is very likely to make obtaining credit more difficult in the future as we are likely to report non-payment to the credit reference agencies and this will adversely affect your credit rating (which most lenders consider when assessing any borrowing application). We may also reduce or end any special offer that we tell you about.

What is biometric approval and why do I need it for Buy Now Pay Later?

Biometric approval uses face and/or voice recognition to add an extra layer of security when using the mobile app.

When we show your card details in the app, we'll first ask you to prove it's you by using biometric approval. This helps to protect your data and keep you safe from fraud.

If you've already registered for biometric approval, you don't need to re-register. If you haven't set it up, don't worry, we'll prompt you when you first view your virtual card.

If you’d rather not register for biometric approval, don’t worry - you can apply for borrowing without registering for biometrics. View our range of borrowing options here.

What is a virtual card?

A virtual card works in a similar way to a regular payment card - there's just no plastic. All your card details will be available in our mobile app. This will enable you to pay online, and you can add your card to Apple Pay and Google Pay to use it for in-store purchases too.

Take a look at our step-by-step guide on how to add your card to either Apple Pay or Google Pay.