1st Dec 2016

Credit more popular than ever this Black Friday

Today, we released data that shows financing was more popular than ever amongst UK consumers over the Black Friday / Cyber Monday period. 

Typically we process thousands of finance applications a day. Over Black Friday weekend saw:

  • 60% more finance applications than usual over the entire weekend
  • Cyber Monday was as popular as Black Friday with almost the same number of applications on both days
  • Mobile applications reigned supreme with over 65% using a mobile device

Over this year's sale weekend we also saw:

  • 82% of finance applications made online
  • Interest free options edging ahead with 53% of all applications, compared to 47% taking interest bearing finance
  • The most popular loan type was interest free for 12 months which was chosen over 31% of applicants
  • 55% of applications went through our AcceptPlus technology that increases the chance of customers being approved for credit by routing applications sequentially through multiple credit tiers and multiple lenders
  • Over 99% of interest bearing applications were for loans under 20% APR
  • Average price of goods being financed was £962.62

Scott Law, CEO said "The popularity of the Black Friday and Cyber Monday sales will remain, but we're seeing consumers getting more savvy about how they pay for big-ticket items. It's an expensive time of year for many and retailers offering instalment finance are well placed to attract consumers by offering them a responsible way to spread the cost of their purchases".

Vicki Scheele, CMO said "This data shows that our unique technology is delivering incremental sales for merchants. As mobile overtakes desktop, online overtakes in-store and smart technology increases acceptance rates, merchants need to ensure they're taking advantage of the best tools at their disposal".

We are revolutionising the point of sale finance market by transforming lending with technology. It's the only point of sale finance platform that offers merchants automated access to multiple lenders, spanning the credit spectrum to increase approval rates. Finance is a critical sales tool for retailers looking to get ahead of the competition and is increasingly being demanded by all kinds of consumers.