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      lorenzozimpel
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      Marks & Spencer has come under fire for launching a credit service that allows customers to borrow up to £500 in minutes.<br>The Sparks Pay credit account is reminiscent of buy-now-pay-later deals and could lure financially stretched families into debt, poker pkv critics warned.<br>The service is available for about 16million members through the Sparks loyalty scheme.<br>It will be offered first to customers shopping online and via its mobile app, before being rolled out in the high street next year.<br>Shoppers will be asked to fill in an application form to qualify for an account.

      Then a decision will be delivered within minutes.<br>If approved, customers will be able to make purchases using the account with ‘one click’.<br> The Sparks Pay credit account is reminiscent of buy-now-pay-later deals and could lure financially stretched families into debt, critics warned (stock image)<br> RELATED ARTICLES

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      They can borrow a maximum of £500. If they repay the balance within 45 days – or 76 if it is their first order – there will be no interest charged.<br>After that, balances incur interest at a rate of 23.9 per cent.
      It is not yet known how the service will work in physical stores.<br>Labour MP Stella Creasy said: ‘I’m not surprised brands are doing this, because there is so much to be made from pushing people to keep spending money they don’t have.<br>’M&S aren’t doing this out of the kindness of their heart to help you budget, they’re doing it to help you keep spending at their shop.'<br> Labour MP Stella Creasy, pictured, said: ‘I’m not surprised brands are doing this, because there is so much to be made from pushing people to keep spending money they don’t have'<br>Consumer champion Martyn James added: ‘The trouble with ‘instant credit’ is that it encourages people to spend money they don’t have – and interest-free deals are easy to sleepwalk into.<br>’Everyone thinks they’ll pay the money back in time, but companies are gambling on the fact that they won’t.'<br>The high street giant denied its Sparks Pay credit account resembled a buy-now-pay-later scheme because it is regulated by the City watchdog, the Financial Conduct Authority – unlike similar products provided by other firms such as Klarna. <br>M&S checks customers’ debts and payment histories to determine how much they can borrow.<br>M&S said: ‘Should any M&S Bank customer experience financial difficulty and need further assistance, we have a dedicated financial support team who would be able to support and discuss the right solution for the customer.

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      Arfzsa
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