If you’re looking to buy furniture on finance in the UK, please make sure the company you’re dealing with is approved and regulated by the FCA to avoid unsafe consumer credit agreements.
Furniture finance is usually interest-free or low-interest consumer credit that you repay over an agreed term, usually between 12 and 48 months. The duration of interest-free period and repayment amount will depend on what the retailer is offering, how much you are spending, whether or not you pay a deposit, what your credit rating is and how long you will make your repayments for.
Taking on consumer credit of any kind, including furniture finance should always give pause for thought. While the temptation may be to sign up to an interest-free credit, doing so does have its pitfalls.
Retailers typically offer credit through a financial services provider but can sometimes offer credit directly. If that’s the case, always make sure the furniture retailer is regulated. Here are suggestions of some of the biggest UK retailers that are registered with FCA:
Furniture finance is subject to applicant’s status and conditions apply. Credit provider must be authorised and regulated by the Financial Conduct Authority. Credit is only available only to persons aged 18 or over. In most cases minimum credit amount on furniture and interior design products is £250.00 but it depends on the retailer and credit terms. Minimum duration of such agreements is 12 months. Often excludes clearance, sale and concession items.