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Buy now, pay later is generally associated with low-value items such as clothes or shoes

HENRY NICHOLLS/REUTERS

George Nixon

Saturday November 20 2021, 12.01am GMT, The Times

A new buy now, pay later company will let you borrow up to £3,000 interest-free and pay it back over 12 months.

The interest-free credit from Humm, an Australian company founded in 1988 but new to the UK, will be aimed at large purchases such as home appliances and furniture, or optometry, cosmetic and dental work.

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Borrowers will need to pass a credit check that will show up on their credit report. Payments will also be reported to credit reference agencies.

You can use Humm for purchases of up to £500, which you pay in five instalments, one immediately and the others two weeks apart. Purchases of between £500 and £3,000 will be paid back in 12 instalments, one up front and the rest every