Finance and Interest Free Credit
What Is Interest Free Credit?
Interest Free Credit is a loan that can be applied for purchasing an item on our website. The finance is interest free, which means that you will only pay the full price of the item, you will not pay any interest on that loan. You pay a deposit now and settle the balance over the timeframe that you choose. Interest Free Credit is only available to UK residents.
Who Can Apply?
- You must be over 18 years of age
- You must be a UK resident with at least 3 years address history
- You must be in employment or self-employed, retired or a house person with a spouse in full time employment
- You must have a UK bank account capable of accepting direct debits
- A minimum deposit of 10% is required and is payable by credit or debit card upon acceptance (V12 Finance Only)
- The goods must be delivered to your home address
- Credit is provided subject to status
What can I buy?
V12 Finance & PayPal Credit
Interest Free Credit can only be applied for on orders over £349.99. Interest Free Credit cannot be used in conjunction with any order under this value. We apologise for any inconvenience that this may cause. You can use Interest Free Credit to purchase any of our full-price Jewellery and Watches as long as the order value is over £349.99. The maximum amount (excluding any deposit) that can currently be processed using finance is £38,000. Please note the Consumer Credit Act states that should your purchase amount cost more than £30,000 you will not be covered under Section 75 of the Consumer Credit Act.
Klarna can only be applied for on orders over £29.99. Klarna cannot be used in conjunction with any order under this value. We apologise for any inconvenience that this may cause. You can use Klarna to purchase any of our Jewellery and Watches as long as the order value is over £29.99. The maximum amount (excluding any deposit) that can currently be processed using Klarna is £2,000.
Interest Free Credit is not available in conjunction with promotional codes or corporate discounts and offers.
Interest Free Credit is available for up to 12 months on sale items. Longer term credit agreements are available as interest bearing 14.9% APR Representative - please contact our customer service department to discuss interest bearing 14.9% APR Representative options.
Our pre-owned watches are not available on 0% APR interest free credit. Only interest bearing 14.9% APR Representative credit agreements are applicable.
How does Interest Free Credit work?
With V12 Finance Interest Free Credit you can pick any item(s) that meet the Interest Free Credit criteria. A finance calculator link can be found on all eligible product pages and this will show term options and confirm monthly payments. When you have finished shopping you can take your items through to your shopping basket and complete our checkout process either as a guest or by registering for an account. Select Apply for Finance (V12 Finance) as your payment option and Select Finance Period and confirm your deposit. Your deposit will not be taken until you have been approved for finance when you will have to pay a minimum of 10% deposit by any accepted payment method (you can change this up to a maximum of 50% as long as this does not take the loan agreement under £250.00).
Once you click Place Order & Pay you will then be taken to a secure site to complete the V12 Finance Interest Free Credit agreement and you will be told if you are successful at that stage. Interest Free is exactly that. No catch. You pay no more than the Cash Price of your goods. Pay an initial deposit and the balance is split over equal monthly payments.
With PayPal Credit Interest Free Credit you can pick any item(s) that meet the Interest Free Credit criteria. A finance calculator link can be found on all eligible product pages and this will show term options and confirm monthly payments. When you have finished shopping you can take your items through to your shopping basket and complete our checkout process either as a guest or by registering for an account. Select PayPal Credit as your payment option and select an available Finance Period option. You will not be charged until you have been approved for finance by PayPal.
Once you click Place Order & Pay/PayPal Credit, the PayPal portal will pop up on your screen. You will be prompted to either Login to your existing PayPal account or Create An Account if you are new to PayPal. You will then be presented with your selected Finance Period where you should review the presented terms. After review, you can submit your application and you will be told if you are successful at that stage.
With Klarna you can pick any item(s) that meet the Klarna criteria. If a product does meet Klarna criteria, the Klarna logo will appear beneath the product price on the product description page. When you have finished shopping, you can take your items through to your shopping basket and complete our checkout process either as a guest or by registering for an account. Select either Klarna 3 interest-free instalments or Klarna Pay in 30 days as your payment option and then press Place Order. You will not be charged until you have been approved for finance by Klarna.
Once you click Place Order, the Klarna portal will pop up on your screen. You will be prompted to either Login to your existing Klarna account or Create An Account if you are new to Klarna. You will then be presented with your selected repayment option where you should review the presented terms. After review, you can submit your application and you will be told if you are successful at that stage.
How do I know if my application was successful?
You will be notified once a completed decision is returned in about 15-20 seconds.
If your application is declined and you feel unhappy about the decision, you can write to V12 Retail Finance Limited and request further details about your application at: Customer Services,V12 Retail Finance Limited, 25-26 Neptune Court, Vanguard Way, Cardiff, CF24 5PJ
Please clearly state the reason that you are writing and provide your name, address and postcode.
If your application is declined, PayPal will email you with more information about why your application for PayPal Credit was unsuccessful. If you apply during checkout and get declined for PayPal Credit, you can still use PayPal to check out securely with your debit or credit card. If you want to re-apply, you will be able to 35 days after your last application.
For more information, you can call PayPal Customer Service on 0800 368 7155
If your application is declined, it is worth noting that each Klarna purchase is a new decision so one rejection does not mean that your future purchases will always be declined. A rejection does not negatively impact your credit score. Attempting too many purchases in a short amount of time may result in being rejected due to fraud prevention. The approval decision is not based solely on credit score, but rather on multiple internal data points such as past payment history.
Please understand that our Customer Service is not able to change the automated outcome of the approval decision. However, if you wish to still contact them you can do so through the Klarna App or calling 0844-KLARNA1 (844-552-7621).
How are my payments made?
Typically your first payment is made 30 days after your agreement is processed and this will be paid by Direct Debit from your bank to V12 Finance, PayPal Credit or Klarna; all subsequent payments will monthly thereafter in line with the length of time you took your Interest Free Credit over.
What lengths of repayment are available?
V12 Finance & PayPal
Typically, 6 months, 12 Months, 18 Months, 24 Months, 36 Months or 48 Month repayment schedules are available depending on the value of the item. Please refer to our Finance Calculator on our product pages to view real-time repayment schedules available.
For Klarna Pay in 30 Days option, you will be charged by Klarna 30 days after the original purchase date. For Klarna 3 interest-free payments option, your payment will be split in to three amounts; 1) Pay same-day, 2) Pay in 30 days and 3) Pay in 60 days time.
Dispatching your order
Goods will only be sent once your order has been accepted by V12 Finance, PayPal Credit or Klarna. We regret that, due to insurance cover, our Click and Collect service is not available to interest free credit purchases. However, we will be delighted to send your order to your registered card address.
Can I pay off my loan early?
You can settle your loan agreement at any time.
Simply contact V12 Finance and they will calculate and send you your settlement figure. Your settlement figure and date are calculated in line with the Consumer Credit Act. If you decide to cancel the agreement, the full purchase amount less Deposit is payable to V12 Finance - this is detailed on your agreement.
You can view your remaining repayment balance in the PayPal app by clicking Pay Later. There you can make additional payments as desired or pay off the loan in full at any time and you won’t be charged a fee or penalty if you do so.
You can view your remaining repayment balance in the Klarna app. There you can pay off the loan in full at any time and you won’t be charged a fee or penalty if you do so.
Can I return my item?
You can return your item within 14 days of receipt, further information on returns can be read here .
Chisholm Hunter Limited acts as a credit broker, not a lender, and offers credit products from Secure Trust Bank PLC trading as V12 Retail Finance, PayPal Credit and Klarna. Chisholm Hunter Limited is authorised and regulated by the Financial Conduct Authority under FRN 720680. Not all products offered by lenders are regulated by the FCA. Credit is subject to age, status and affordability, minimum spend applies. Chisholm Hunter Limited is registered in Scotland, company registration number SC107277. Registered office: 3rd Floor, 146 Argyle Street, Glasgow, Lanarkshire, G2 8BL. Not all products are regulated by the Financial Conduct Authority and FOS protection will not be extended.