Mattress Financing | 0% Close Brothers Retail Finance | www.closeretailfinance.co.uk

Close Brothers Retail Finance

About Close Brothers Ltd (Licence: 124750)

This old school merchant bank was established by William Brooks Close in 1878. The larger Group has flourished over the many years and now turns over approaching £800m (last report: £785.4m). With financing there are various specialised markets taken on although they have tended to be mostly known in motoring. The retailing division is catered at www.closeretailfinance.co.uk where they have managed to attract more than 700 retailers, offering their technology both online and in-store. Connections are boosted by their relationships with DekoPay and Minerva. With mattresses, the star contract managed is with Eve Sleep. They also lend for Hugge and had worked with Brighter although they have stock issues and are currently only offering a PayPal gateway.

How It Works

Close’s 0% offers are popping up increasingly frequently on many sites in the world of retail. Most brands are using their QuickStart package where repayments are made available up to a year. A subsidy is paid by the merchant whilst they also ask for deposits ranging between 0% and 50%, although in every case the starting level has been 10%. When a customer goes through to make an application they’ll be redirected to apply directly with Close Brothers. They are able to initiate quick responses in seconds with there being no need for any supporting documentation. Once approved, the order can be prepared quickly for dispatch.

Overseas

Global expansion has never been a road taken on by this lender. They are more concerned with making their impact across the United Kingdom where they have more than 50 offices, employing more than 3000 employees in the process. An international brand like Eve in this instance has had to look for other payment solutions outside of the UK.

Product

Orders are financed between £250 and £25,000 across terms of 6 to 84 months. The general APR range is 0% to 30% and the deposit levels are 0% to 50%. QuickStart and FastForward are the 2 retailing packages, with mattresses being financed on the QuickStart plan that stops at 12 months. There is no need for the client to be FCA approved on this side. In this sector, there would usually be a single repayment choice joined by a minimum 10% deposit. You’ll need to spend £300 (Hugge) or £349 with Eve’s products.

Qualification

This is quite a strict lender to qualify with. They are only seeking those that have a good credit score. There can be no CCJs or even any late payments on your record. UK residents must have lived in the country for at least 3 years and be working at least 16 hours each week.

Reviews

For a company with such a historic past and proven track record it is surprising that the big review portals are seemingly ignored here. Only a single listing was used and this was on Trustpilot where the score was just 19% from 80 reviews. This was a general listing and not specific to retailing. In general, many were complaining relating to car insurance policies where they were offering finance.

The Close Brothers Retail Finance Mattress Financing Options

Brighter, Eve and Hugge.

= Brighter has used them, but when you reach the payment page they now require PayPal to proceed. They also only have super king mattresses in stock that isn’t much use.

= Eve is an important client evident from their logo showcased first in their Home & Garden section of www.closeretailfinance.co.uk as well as there being a case study video on this partnership. When you buy here you must opt for a year contract and can pick the deposit between 10%, 25% or 50%. Promotions aren’t valid with financing. What’s great about this choice is the wide range of sleeping products that you can add to your order. This is handy to spread the cost on a sizeable bundle order with a bed included.

= Hugge promotes 3 repayment option choices of 6, 10 and 12 months with the noted 10% upfront payment. It isn’t made clear whether discounts can be used when opting to pay this way. No beds are available.

Data Recorded May-18.

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