Currys Your Plan is a flexible credit account you can use to spread the cost of your purchases on its website and when shopping in-store.
It is one of the buy now pay later services that operates through a credit line model and can be used for checkout financing with plans running for several months.
While the main application may appear on your bureau report, it provides an eligibility checker you can use to know if you will be qualified without affecting your credit score.
Currys Your Plan
Max. Amount
£25,000*
Credit Check
Soft*
Type
Credit Line
Tip: With Currys Your Plan, you will be able to pay in instalments for up to 48 months on purchases of £99 or more. This has a representative APR of 29.9% but you can also enjoy interest-free financing.
Your Plan is a popular split payment option when shopping on Currys, also called Tech Now Pay Later on the platform.
This financing method comes in two variations, including the interest-free up to 12 months plan and the flexible credit of up to 48 months payment plan.
You can use it on a cart value of at least £99 and for new customers, you will be limited to a maximum order amount of £25,000.
It is a credit product offered through Currys’ partnership with Creation Finance hence, the latter will be your point of contact regarding payments and ongoing financing support.
When you apply, there will be a hard inquiry that will have a temporary impact on your credit score.
However, the platform has an option that will enable you to first check your eligibility without any impact before you proceed with the application.
While the buy now pay later option with terms ranging from 6 to 12 months has no interest if you complete the payment within the term window, its longer plan option of up to 48 months charges interest with its representative APR being 29.9%.
Currys Your Plan has a late payment penalty of £12. If you do not want to be in such a situation of paying extra, the platform provides a grace period through its support program which you can utilize when you are in financial difficulty.
One of the reasons this payment plan option is good is the flexibility it offers to use both online and when you visit a nearby Currys outlet.
How Currys Your Plan Works
When approved, you will be given a line of credit that can be used to purchase items on the Currys website and at any of its physical stores.
You are not required to make a downpayment when using Your Plan for payment online as your first instalment will be due on your statement date, usually 28 days after the purchase.
As a line of credit, you will be assigned a certain amount of funds that can be reused as you repay any active orders.
It reports activities to the major bureaus hence, on-time payments can have an impact on your credit score.
How to Use Currys Your Plan In-Store
You can use the Your Plan option when shopping at any of the physical stores of Currys close to you. Simply follow the process below:
- Add the products you need to your basket (ensure the total is worth at least £99)
- Go to the checkout desk and let the attendant know you want to use Your Plan flexible credit account
- If you do not have an account, they will guide you in creating one
- For existing users, you will need to present your unique ID once an order process has started
- Once the attendant enters the ID, you will receive an authorisation OTP to your mobile number
- Provide this code to the attendant to confirm and proceed
- Review the contract terms and select the appropriate one that meets your preference
- Once you have confirmed the plan selection, an order will be created and your credit line will be adjusted accordingly
Before you visit the physical store, it is best to create an account online to make the process quicker.
How to Increase Currys Your Plan Credit Limit
You can request a credit limit increase if your current purchasing power will not be able to cover the cost of the product you want to purchase.
Below is the process:
- First, download the Creation Finance mobile app (available for Android and iOS devices)
- On the dashboard, locate the option of credit limit increase and select it
- Once you click this, a request will be created
- Depending on how long you have been using Your Plan and your commitment towards repayment, you may be offered a higher limit or declined
Features of Currys Your Plan Credit Account
Below are some of the things you need to know about this flexible credit account:
There are two Options
This financing method has two different types, including:
Buy Now Pay Later
When you select the flexible credit option at checkout, you will first be offered this that can be used for instalment purchases of up to 12 months.
It is interest-free if you can complete the payments within the plan period otherwise, it will automatically be converted to its second option which has an APR of 29.9%.
Interest-bearing Plan
The alternative to its buy now pay later option can enable you to enjoy monthly instalments for up to 48 months but unlike the former, this comes with interest with a representative APR of 29.9%. You may be offered a promotional APR of 9.9% as a new user.
On select products, Currys offers interest-free financing during the promotional period and you may be able to access the option without paying extra as long as you do not default on repayments.
Soft and Hard Credit Inquiry
Currys Your Plan is a credit account hence, it relies on a hard check to pull details regarding your financial activities to make a decision on the limit to be assigned to you.
Because this inquiry will be visible on your report to other lenders as a hard pull, it will have a temporary impact on your credit score.
However, this will only happen when you apply for the payment plan because before this, you can check your eligibility which will help you know if you will qualify or not.
Since checking your eligibility utilizes a soft inquiry, it will leave no impact and other lenders will not see it. Using this first means that you can avoid the hard inquiry process involved during the application stage.
Requires Creation Finance App to Manage Account
While Currys provides a portal you can log in to manage your credit account, the Creation Finance app is a better option for the features available on it.
The application can be installed on an Android device or iOS-powered cell phone.
With it, you can track your credit limit, monitor your active orders, see your statement and due amount, create new plans, and make payments among others.
Requires No Downpayment
When using Currys Your Plan at checkout, you are not required to make any deposit.
Because it operates as a credit account, your first payment will be due when you receive your statement, which is between 28 – 30 days after your purchase date.
If you want to make a downpayment, this may only be possible when using the option at its physical outlets since there is no provision for that on its web portal.
Alternatively, you can hold until your due date and you will be able to make extra payments if you want to close the purchase early.
Charges Late Payment Fee
Currys Your Plan has a late payment penalty fee of £12 and this will continue to apply every time you default.
If you see the due payment being an issue and needs a grace period, you can submit a request to Creation Finance explaining your situation and you may be offered an extension.
When you have active orders, defaulting payments can have a negative impact on your credit score the platform reports to the major credit bureaus like Equifax, Experian, and TransUnion.
Frequently Asked Questions on Currys Your Plan
Below are popular questions about using the Currys Your Plan flexible credit account for product financing:
What is Currys Your Plan?
It is a payment option that allows customers to split the cost of their purchases over time.
Your Plan is essentially a flexible credit account that enables users to buy products now and pay for them later, either in fixed monthly instalments or with interest-free options, depending on the terms of the plan chosen.
Does Currys Your Plan check credit?
Yes, Currys Your Plan involves a credit check as part of the application process.
When you apply, Creation Finance (the provider) will assess your creditworthiness to determine whether you qualify and what terms you may be offered.
However, the platform offers a pre-check option that will allow you to assess your eligibility without a hard inquiry, which does not affect your credit score.
How many times can I use Currys Your Plan?
There is no limit to the number of times you can use your flexible credit account to buy items on the Currys website or at any of its stores as long as your available purchasing power can cover the costs.
Does Currys Your Plan affect your credit?
Yes, it can affect your credit. Here is how:
Credit Check: When you apply for Currys Your Plan, the lender (Creation Finance) will perform a credit check to assess your creditworthiness. This inquiry is a hard pull, which can have a temporary impact on your credit score.
Payment History: Your repayment history on the platform can impact your credit score. Making payments on time can help build a positive credit history while missing payments or defaulting on the plan can have a negative effect.
How many payments is Currys Your Plan?
The number of payments can vary depending on the specific financing option chosen and the duration of the selected plan.
Buy Now Pay Later (BNPL): If you opt for the BNPL option, you typically make payments over a specified period, which can range from a few months up to 12 months, depending on the terms of the plan. For example, if you choose a 6-month BNPL plan, you would make 6 monthly payments.
Interest-bearing Plan: With the interest-bearing plan, the number of payments also depends on the duration of the plan. This option allows you to spread the cost of your purchase over a longer period, often up to 48 months. If you select a 48-month plan, you would typically make 48 monthly payments.
Is Currys Your Plan a credit card?
Currys Your Plan is not a credit card. Instead, it is a financing option that allows customers to spread the cost of their purchases over time.
While it operates similarly to a credit card in terms of allowing you to make purchases and pay later, it is specifically designed for use within the Currys retail ecosystem.
The option involves a credit application process, and if approved, you are provided with a credit limit that can be used to make payments.
The purchases made using Currys Your Plan are subject to the terms and conditions of the financing agreement, including repayment schedules, interest rates (if applicable), and any associated fees.
Unlike a credit card, which can be used at various merchants and locations, Your Plan is limited to purchases made at Currys stores or through its online platform.
Can I pay off Currys Your Plan early?
Yes, you can pay off early. Creation Finance allows customers to make early repayments on their Your Plan balance without penalty.
This means that if you have the means to pay off your balance before the end of the agreed-upon term, you can do so without incurring any extra fees or charges.
Is Currys Your Plan interest-free?
The option offers different financing terms, including interest-free, while others accrue interest.
Here is a breakdown:
Buy Now Pay Later (BNPL): This option allows you to make purchases and split the cost into instalments, typically up to 12 months, without paying interest if the full payment is completed within the plan period. However, if you do not complete the payments within the specified period, it may automatically convert to an interest-bearing plan with an APR of 29.9%.
Interest-bearing Plan: This option allows you to spread the cost of your purchases over a longer period, up to 48 months, but it does incur interest. The representative APR for this plan is 29.9%.
With a vast inventory of electronics on its portal and when you visit one of its physical retail centres, being able to finance your purchases using the Currys Your Plan flexible credit account brings convenience through manageable instalments.
However, use it responsibly by paying any due amount on time to avoid facing a late payment penalty and the option impacting your credit score negatively.
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