Having halted its personal loan service in 2022, when it ended a partnership with HSBC, John Lewis Money has restored its finance offering for its 23 million customers.
The financial services arm of John Lewis Partnership will work with Zopa Bank to offer digital-first personal loan products, giving the retailer’s customers more finance options that are designed to be “great value, simple, and transparent”.
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 tow 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.
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.”
Earlier this week, technology retailer Currys announced its revamped credit product to allow its customers to “pay for tech at their pace”.
Read more about John Lewis and Currys in exclusive company profiles in the first UK 360° report. They join Argos, Asos, Marks & Spencer, Schuh, Screwfix and Tesco in the report.
The full report offers a briefing on the UK market as a whole, how shoppers buy and want to buy, the retailers, brands and marketplaces that are succeeding in this market, and the services that the most successful provide to their customers.
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