John Lewis partners with Zopa to boost personal loan offering

John Lewis has partnered with an online back to offer personal loans of up to £35,000 to its 23m customers.

The department store chain‘s financial services arm is working with Zopa Bank to provide its customers with more finance options.

The bank will be embedded into the John Lewis Money website with a personalised loan quote issued in three minutes with no impact on credit scores.

The chain added that most customers would be able to access their money in under two hours once their loan has been approved.

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

John Lewis hoping to turn customers’ ‘ambitions into reality’

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.” 

Zopa Bank, which was founded in 2005, has 1.3m customers and gained a full banking licence in 2020.

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 1m customers in the UK.

“Today’s partnership brings this award-winning experience into the John Lewis ecosystem, benefiting millions more consumers.”