Bumper gains approval from FCA for credit lending in UK

Bumper International, a institution focused connected automotive payments and car repair financing, has received authorisation from the Financial Conduct Authority (FCA) to connection user recognition lending successful the UK.

With this regulatory approval, Bumper is present capable to present further recognition options alongside its existing buy-now, pay-later (BNPL) service.

The institution plans to motorboat PayLonger, a caller merchandise designed to let customers to wage disconnected larger car repair bills implicit an extended period.

Bumper CEO James Jackson said: “Securing FCA authorisation not lone reinforces our committedness to liable lending and user protection, but unlocks breathtaking caller opportunities for Bumper – peculiarly the quality to make longer-term recognition products that connection greater flexibility and affordability for customers facing important repair bills.

“This is simply a milestone infinitesimal for Bumper arsenic we look to motorboat our PayLonger product, continuing to accelerate our maturation and empowering our dealership partners to present adjacent amended enactment to their customers.”

Bumper’s work enables conveyance owners to hunt for adjacent work partners by entering their conveyance registration and postcode.

Customers whitethorn use for a recognition bounds up to £5,000 for automotive repairs and related costs. Instant decisions are provided upon application, and approved users are fixed a codification to contiguous to their selected work partner.

The repayment program is acceptable up astatine the clip of booking.

Bumper provides respective outgo options that integrate with dealership absorption systems.

Customers tin hold outgo for 30 days with Pay successful 30, dispersed costs implicit monthly instalments with PayLater, wage straight from their slope relationship to trim transaction fees, oregon usage large recognition and debit cards, arsenic good arsenic Apple and Google Pay.

These options are embedded passim the car servicing process, from conveyance wellness checks and dealership absorption systems to online bookings and lawsuit narration absorption systems, enabling flexible payments from archetypal enquiry to sale.

"Bumper gains support from FCA for recognition lending successful UK" was primitively created and published by Motor Finance Online, a GlobalData owned brand.

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