Pay4Later is launching a new service for holiday and travel companies enabling firms to offer their clients a choice of finance options - including 0% interest - ranging from £275 to £25,000, and over terms of six, nine and 12 months.

Customers can start paying for their holiday as soon as they book it through the service and spread the cost to suit their finances once they return.

John Wark, marketing manager at the company, said: “As a nation, we are taking more holidays and trips abroad than ever before. Analysis of government data reveals that we took 60 million trips abroad in 2014, 4% more than in 2013. By offering customers credit, travel companies could see a huge increase in sales. Our data shows that retailers who offer credit can see sales rise by up to 40% and order values by 300%.”

Pictured: Scott Law, CEO of Pay4Later

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