Financial technology company, Pay4Later, has reached a significant milestone this month by processing its millionth consumer finance application. Exponential growth in point-of-sale loans reflects the increase in merchants providing a financing option at checkout and demand from consumers for fast, accessible credit.

As the UK’s first online credit solution, Pay4Later uses technology to transform the way customers apply for credit. Consumers have responded enthusiastically and Pay4Later’s research confirms that 65% of purchases would not have been made if finance wasn’t available.

Among the 1,400 merchants using Pay4Later is retail specialist Mothercare, who use finance to make their high-ticket items more affordable for families. Other merchants using the Pay4Later platform include Samsung, Machine Mart and Sk:n.

Scott Law, Founder & CEO of Pay4Later said, “Surpassing 1 million finance applications is an exciting milestone for our company to reach. It’s fantastic to see our technology being adopted by SME’s and enterprises alike, to help increase their sales.”