Millennium adds 3, 6 and 12 monthly instalments to BLIK Pay Later

Millennium has extended BLIK Pay Later to allow online purchases to be repaid in 3, 6 or 12 monthly instalments. According to the bank’s announcement, the option covers payments above PLN 300 and is being rolled out gradually. The change concerns repayment within Millennium’s app, rather than every bank supporting BLIK.

Existing credit-limit users and customers activating the service can use the instalment option. The decision can be made during payment or later through transaction history. Customers choose the number of instalments, review the financial terms and repayment schedule, and confirm the instruction with their app PIN.

Instalment repayment carries interest: the stated annual rate is 14.5 per cent, with a PLN 0 commission. Interest accrues from the purchase date. This differs from the interest-free deferral where the entire amount is repaid within 30 days. The interest rate is not the same as APR and does not state the total payable for every purchase.

The financing provider for BLIK Pay Later used through Millennium’s app is Polski Standard Płatności, the BLIK operator. Access to the app does not guarantee a credit limit: the lender assesses creditworthiness. The launch adds another way to finance online purchases without implying automatic instalment approval or an interest-free loan.