Secure Trust Bank benefits as zero-interest loans offered by shopkeepers surge
Shopkeepers are touting zero-interest loans to customers in a bid to boost sale
Shopkeepers are touting zero-interest loans to customers in a bid to boost sales, Secure Trust Bank has said.
It now has more than £500million of retail finance lending on its books and has signed up several thousand retailers.
Boss Paul Lynam says there is growing demand for its product, which sees stores lend money to buyers of expensive items.
The shopper pays this back at 0per cent, typically over up to a year, while Secure Trust provides the finance and is paid interest by the retailer.
Its profits rose to £15.1million for the six months to June 30, up 31per cent on a year earlier.