John Lewis to offer personal loans to customers

John Lewis Money, the financial services arm of John Lewis Partnership, has partnered with Zopa Bank to offer personal loans to its 23 million customers.

The partnership will see Zopa embed in the John Lewis Money website its digital-first personal loan product, giving the retailer’s customers more finance options.

Customers can get a personalised loan quote in three minutes with no impact to their credit score, with most customers accessing their money in under two hours once their loan has been approved.

Available loans will range from £1,000 to £35,000 with a term ranging from one through to seven years.

Today, Zopa Bank serves 1.3 million customers with personal loans, credit cards, point-of-sale retail finance, car finance, savings accounts, and financial health tools.

Tim Waterman, chief commercial officer at Zopa Bank, said: “Consumers have a long-held trust in John Lewis, and we’re pleased to be working with them to help more people access better-priced credit. Zopa Bank has always been focused on providing customers great value and experience.

“We have led the movement towards personalised rates and instant loan approvals and currently serve over 1 million customers in the UK. Today’s partnership brings this award-winning experience into the John Lewis ecosystem, benefiting millions more consumers.”

Andy Piggott, director of Credit and Banking at John Lewis Money, added: “Zopa Bank has been a trusted partner of ours for almost two years; we’re really excited by this next phase and the ability to offer their loans directly to our customers through our own John Lewis Money website. Whether it’s to help with home renovations, buy a car, or to help fund a once in a lifetime trip, we hope that this additional finance option can help our customers turn their ambitions into reality.”