The new product presents a responsible alternative to traditional loans or buy-now-pay-later products
N26 customers to settle past payments in installments. Source: n26.com
N26 has announced the launch of N26 Installments, a new flexible payment feature. It will offer eligible customers in Germany the option to split past purchases into installments to be paid back over time, instantly giving them access to up to 82.71% of the original purchase price.
N26 Installments will bring customers a new level of financial freedom, confidence and flexibility, giving them the power to manage their spending retroactively in the N26 app and access funds straight away if needed, all at a fair and transparent cost, with no late payment fees.
With N26 Installments, account holders in Germany will get the option to pay for purchases of €50 to €500 made at eligible merchants in the past 4 weeks in easy-to-manage installments. With the option to split monthly payments over 3 to 6 months, they will be able to select a plan that suits their needs, with transparent pricing and interest rates displayed clearly in the app.
With this, cash can be made available instantly for times where more financial flexibility is needed, and customers will be immediately reimbursed the original cost of the chosen purchase, minus the first installment.
Payments will be deducted automatically from their account every month, and reminders will be sent the day before a payment is due so that it’s never a surprise. Eligible customers will always have the possibility to pay installments off early if they wish, with no extra fees.
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