UK online bank Zopa has partnered with John Lewis Money – the financial service of John Lewis – to offer its 23 million customers personal digital-first loans.
The partnership will see Zopa embed its digital-first personal loan product to the John Lewis Money website, enabling the UK retailer’s customers greater value and more transparency with their finance options.
Customers will be able to gain a personalised loan quote in up to three minutes that does affect their credit score, and can access their money in under two hours once the loan has been approved. Available loans from Zopa will range from £1,000 to £35,000 with a term ranging from one to seven years.
Andy Piggott, Director of Credit and Banking at John Lewis Money, said: “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.”
The John Lewis Money partnership will allow Zopa to expand its offering to one of the UK’s most recognisable retailers, whilst still serving its 1.3 million base customers.
Zopa provides personal loans, credit cards, point-of-sale retail finance, car finance, savings accounts and financial health tools, providing a broad selection of solutions via its digital platform.
Furthermore, the UK bank has integrated its services to its business partners, including e-commerce partners Swyft and Simba, as well as electricity suppliers such as Octopus Energy.
Tim Waterman, Chief Commercial Officer at Zopa Bank, added: “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 one million customers in the UK.
“Today’s partnership brings this award-winning experience into the John Lewis ecosystem, benefiting millions more consumers.”
