Payment Assist has reported a significant 350% increase in applications for its flexible four-month payment instalment plan.
This surge in demand highlights how critical flexible payment solutions have become, with many UK households seeking ways to manage essential expenses while managing rising living costs.
The service, created in partnership with Halfords, supports customers with a “Buy Now Pay Later” (BNPL) option for services such as repairs, servicing, and tyres.
Available online and at more than 500 Halfords and National Tyres locations, Halfords customers pay a 15% upfront deposit on services over £99, and spread the remaining balance across three interest-free monthly payments.
Marcus Gregory, managing director at Payment Assist, said: “With the current economic challenges, many households are seeking more flexible financial solutions. Our payment plan provides customers with the ability to manage essential vehicle repairs and services without the stress of upfront costs. “
Stuart Zissman, head of consumer financial services at Halfords, commented: “This partnership with Payment Assist is incredibly important to us, as it allows us to help UK drivers maintain their vehicles without compromising on safety due to financial pressures.
“We understand the economic challenges many are facing, and we want to ensure that no one has to delay essential vehicle repairs, services and replacement tyres because of immediate costs.”