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What is V12 Finance? A Review of Things to Know

V12 Finance is common at many shopping portals with varying options for payment plans. Is it worth it?

Spreading out the cost of your purchases can be incredibly convenient, especially when you can do it without incurring any interest charges.

While many buy now pay later apps offer different methods and plans, including long-term financing options, not all of them allow you to extend the repayment period beyond 12 months.

What Is V12 Finance


V12 Finance is a payment plan service provider that enables you to spread the cost of your purchases at several merchants operating online and through their physical locations.

It has one of the best interest-free financing methods considering you can enjoy it at no extra cost for at least 6 months and at some retailers, up to 120 months.

If you are not offered the deferred payment credit when you apply for plans of more than 12 months, it charges an interest with its APR ranging from 4.9% to 19.9% representative.

Many retailers accept V12 Finance and each has different terms. Depending on the platform, you may be required to make a down payment or defer until you receive the order or after it ships.

V12 Finance Requirements


To be eligible for its financing, you must meet the following requirements:

  • Be 18 years or older
  • Have a verifiable source of income. This can be from any of the following
    • Permanent paid employment
    • Self-employed with proof of sufficient funds source
    • Retired but receiving pension
    • A student with paid part-time engagement
    • A beneficiary of disability assistance programme
  • You must have been living in the UK for at least 3 years
  • Where a down payment is required, your debit or credit card to be used should be linked to your registered address
  • You will need a Bank or Building Society current account to complete the direct debit process

Features of V12 Finance

Below are some of the things you need to know about using V12 for checkout financing:


Interest-Free Financing

V12 Finance has one of the best interest-free payment plans in terms of length as it can allow you to spread the cost of your orders up to 60 months without paying any extra.

At most merchants that support the option at checkout, you will be able to access at least the 6-month plan.


Interest-bearing Credit

It also offers interest-bearing plans for longer-term financing, usually from 12 months up to a maximum of 120 months.

Where this option is available, the interest will vary depending on the length and the merchant but ranges from 4.9% to 19.9% in representative APR.


Late Payment Penalty and Returned Debit Fee

If you miss any of your due instalments with V12 Finance, they charge a late payment penalty fee of £12.

Additionally, if your account does not have enough funds and a debit attempt fails, they charge a returned debit fee of £8.


A Secure Trust Bank Brand

V12 is the product of Secure Trust Bank and operates as a broker.

While it is regulated by the Financial Conduct Authority, the funding once you are approved will come directly from the bank.


Hard Credit Check

Applying for V12 Finance may cause a temporary impact on your credit score as it involves a hard inquiry during the application process.

This inquiry is typically recorded on your credit report and can be viewed by other financing providers assessing your profile.

However, this effect is temporary and may improve over time because V12 reports repayment activities to major credit bureaus.

As long as you make your payments on time and avoid defaulting, it could positively impact your credit score.


You May Pay a Deposit

V12 Finance Down Payment Chart

Making a down payment when using V12 Finance is dependent on the merchant and plan selected. While you will not pay any deposit at some retailers, some require a percentage of the total to be paid when submitting your order.

Where a down payment is required, the amount of the first deposit will vary between 10% to 50%.


Same as AppToPay

V12 Finance and AppToPay are the same and you may see the option variably represented using any of the two at checkout.

They operated differently until 2021 when Secure Trust Bank bought AppToPay with the merger enabling V12 account holders to use their purchasing power for online purchases just as they could at store walk-ins.


Available to Use Online and Offline

While it was conventionally popular for in-store payment plan purchases, it now has a good presence at several online shopping portals, also made quicker for its merger with AppToPay.

Today, many of the merchants that accept it online also support usage when you walk into their physical retail stores.

For instance, you can get furniture items on payment plans when shopping at DFS and appliances at Direct Fireplaces with your V12 Finance purchasing power through their websites or at any of their outlets close to you.


Available to Home Delivery Orders

Unless you are shopping in-store, the option is not available for pick-up orders when using it online.

Since one of the requirements to utilise it for payment plans is residency in the UK, your address information will be taken for delivery of the order which also serves as a confirmation of authenticity.


Regulated by the FCA

V12 Finance is regulated by the Financial Conduct Authority, an institution in charge of authorising and protecting rules governing financial activities.

It has the reference number 679653 hence, it is a legit company with required authorisation to carry out retail financing.


How to Apply for V12 Finance Online


To apply, follow the process below:

  • You will need to visit one of the retailers that accept V12 Finance
  • Add the items that you need to your cart until the minimum required amount is achieved
  • Continue to checkout and select the V12 option (available only to home delivery orders)
  • You will be redirected to a new application page
  • Provide the required details, including your residency and income information
  • Review the terms and proceed to make the down payment if required
  • Once completed, the order will be created and a notification will be sent to your email which will include your agreement number for managing your account on the V12 self service portal

How to Apply for V12 Finance In-store


You can also use the option seamlessly at any physical location where it is accepted. Below is how it works:

  • At the till desk, let the attendant know that you want to pay with V12 Finance
  • An application will be opened for you requesting information like personal details, your employment history, address (at least up to 3 years of UK residency required), and bank details
  • Depending on your preference during the profiling, you may be sent an email hence, keep your device active
  • If you are approved, the attendant will let you know about the details and you can either continue on the in-store computer or an email can be sent to let you finish the process on your device
  • You will need to review the credit agreement and if you proceed, the down payment will be charged through your debit or credit card (if required) and the order will be created
  • V12 will send you an email containing details and your agreement number required for ongoing account management  

How to Pay Your V12 Finance Bills


There are three ways you can pay your outstanding bills, including:

  • Direct Debit: When setting up your profile, you will need to connect your bank account and this will be used for the deduction on due instalments every month
  • Debit Card: you can also settle your bills through a debit card by visiting the self-service portal

Note that V12 does not support bill settlement using a credit card unless paying a deposit while submitting your application.

Frequently Asked Questions on V12 Finance


Below are some of the popular questions people ask about using V12 for payment plans:

How does V12 Finance work?

It is a buy now pay later option you can access when shopping at several retailers, online and offline.

When selected, you will be redirected to apply. The platform will perform an inquiry to determine your eligibility.

If approved, the order will be created and details of your credit information will be sent to your email, especially regarding how to handle your monthly payments.

Does V12 Finance check credit?

Yes, the platform will rely on the details you provide during the application stage to perform a credit check.

Is a down payment required?

You may be required to make a down payment but this is dependent on the order value, plan, and the retailer.

Many merchants support financing purchases with the option without a deposit until your order is shipped or after a month.

Is V12 Finance easy to get?

It requires a few details during application and if you satisfy the requirements below, you stand a good chance of approval:

1. You have been living in the UK for at least 3 years
2. Employed or have a good source of income
3. You are 18 years or older
4. Own a bank account that accepts Direct Debit
5. Have enough funds to pay the deposit if required

What is V12 Finance on my bank statement?

You possibly have a product financed at one of the retailers that accept it for instalment plans and the mode of payment is through the direct debit option.

How much can I spend with V12 Finance?

While the minimum order value differs per merchant, the maximum you can access is £50,000.

Can I pay off V12 Finance early?

Yes, it supports early payment and you can do this using any of the methods below:

1. Debit card through the self-service portal
2. Bank transfer
3. Pay by phone (contact the support team for details)

Does V12 Finance affect credit score?

Yes, submitting an application will have an impact as it will perform a hard inquiry that will be visible to other lenders on your credit file.

The platform also reports activities to the credit bureaus hence, it can improve your score if you commit to early payments.

Is V12 Finance and Secure Trust Bank the same?

Yes, both are the same as V12 Finance is the trading name of Secure Trust Bank.

The platform is also the same as AppToPay and some retailers may have it represented as that.


It is one of the best buy now pay later options for checkout financing because of its interest-free long-term plans.

Like most, using V12 Finance can impact your credit report and you should pay your bills early to avoid any negative effects.

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