The insurance division of the Co-op Group is broadening its footprint in the financial services sector by launching personal loans through a partnership with ClearScore.
Under the arrangement, ClearScore's credit matching technology will become accessible to Co-op members and customers, providing tailored credit solutions, as reported by .
Member-owners and customers will gain access to unsecured personal loans ranging from £1,000 to £25,000, plus secured loans from £10,000 to over £500,000, with repayment terms extending from three to 30 years.
The move follows a Co-op Insurance study of its membership base, which revealed that nearly half (45 per cent) of those contemplating future borrowing would utilise it for home improvements, whilst almost a third (29 per cent) would seek funds to manage unforeseen expenses.
Speaking about the fresh proposition, Charles Offord, managing director at Co-op Insurance, said: "We are pleased to be expanding our presence within the financial services market with our personal and secured loans offering, in partnership with ClearScore."
"Our member-owners have told us that they want to have greater access to finance, particularly loans, that could help to make paying for things such as home improvements or managing unexpected bills a little easier.
"Our members are firmly at the heart of our Co-op, and their views have been central to our decision to launch these products.
"We've listened to their feedback and with loans from Co-op, members and customers are now able to compare tailored loan offers from a panel of selected lenders," he added.
This follows a June report which disclosed that the fintech SME lender grew its loan book as businesses increasingly turned to debt financing.
The º£½ÇÊÓƵ SME lender surpassed £1.75bn in total cumulative value of all loans approved and funded following the company's loan book expansion of £505m throughout 2024.
ClearScore chief executive Justin Basini is scheduled to appear as a guest on City AM's Boardroom Uncovered programme next month.
