When UK regulators set about putting some rules on consumer credit back in the 1970s, the realm of interest-free credit was largely left alone. Homeowners opting to buy their couch or fridge-freezer “on finance” with the local department store did so with little risk, given that the agreements were in large part zero-interest and had no fees. Fast forward to 2025, and the world of interest-free credit is wildly different to what it once was. Now home to a credit product known as buy now, pay later (BNPL), it is an industry that has spawned a slew of multi-billion-dollar fintech…

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