The new product will sit alongside the shorter-tenor ‘Pay over 6 Weeks’ or, for day-to-day purchases, Zilch’s 5% interest-bearing ‘Pay Now’ debit product. When opting to ‘Pay over 3 months’, Zilch customers will pay 25% up-front and spread the remaining purchase price over three instalments, just like they currently do when making interest-free credit repayments over six weeks. The new product has already been made available to around 100,000 Zilch customers in a trial. The firm says customers’ three-month borrowing will be capped at personalised and dynamic affordability limits. Philip Belamant, CEO and co-founder of Zilch, says: “In the past three years Zilch has successfully delivered more than 50 million customer transactions and £2 billion in customer spending, yielding us extensive behavioural datasets. This is because customers today use Zilch on average more than 100 times annually to manage their day-to-day spending across debit and credit."He says Zilch has partnered with a diverse range of UK merchants, including Lego, Nike and Morrisons, where customers can Pay over 3 months, in-store or on the app.  Alternatively customers can pay an additional fee and use the product at any of the 38 million merchants who accept Mastercard worldwide.Says Belamant: "This new payment option is tailored for significant purchases or emergency moments, such as buying electronics, car tyres or home repairs like when the boiler breaks. As Zilch is FCA-regulated, customers can spend with the confidence that every payment over £100 is covered under section 75 of the Consumer Credit Act.”