A British bank has entered the fast-growing 'buy now pay later' market, Virgin Money (VMUK.L) announced

This venture has the potential to be financially rewarding, but it may also spark debate. Mainstream lenders are scrambling to get their hands on the action.

With a credit card, Virgin customers will be able to spread the cost of their purchases over a longer period of time.

When repaying a loan over a period of nine months or more, the company has indicated that additional fees may apply.

'Buy Now, Pay Later' products have become increasingly popular in recent years, with customers purchasing everything from clothing to electronics using them.

Lawmakers and watchdogs have slammed them for charging high interest rates, despite the fact that they sometimes do.

Customers' credit and affordability will be checked before any purchases are made, ensuring that credit is provided in a responsible and secure manner.

Waiting list and prize draw customers have the opportunity to win 150,000 Virgin Red points and £2,000 in spending money, enough for a vacation to Miami.

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