Marks and Spencer Group PLC (LSE:MKS) is set to launch its fully regulated digital credit account, enabling Sparks customer cards to borrow up to £500.
Sparks Pay is being rolled out as a phased approach alongside M&S Bank, with it available exclusively to Sparks card holders, its version of the Tesco club card.
According to the M&S website, customers can apply for a credit limit of £500, which can be paid back interest-free for up to 45 days (76 days for the first order).
Interest thereafter may be charged at 23.9% APR.
Customers will also receive 20% of their first clothing and homeware order, subject to terms and conditions when they use Sparks Pay.
Applicants must be UK based and aged 18 or over, it said, with an annual income or pension before tax above £6,800.