John Lewis has forged a partnership with online lender Zopa Bank to offer personal loans of up to £35,000 to its extensive customer base of 23 million.
The renowned department store's financial division, John Lewis Money, is collaborating with Zopa Bank to present a broader array of financing options to shoppers, as reported by .
Customers can expect to receive tailored loan quotes within three minutes via the John Lewis Money website, without affecting their credit scores.
Once approved, most customers will gain access to funds in under two hours, the chain assures.
Loan amounts on offer will span from £1,000 to £35,000 and repayment terms will vary from one to seven years.
John Lewis hoping to turn customers’ ‘ambitions into reality’
Andy Piggott, director of credit and banking at John Lewis Money, commented: "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."
Reflecting on the purpose behind the service, he added: "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, established in 2005 and serving 1.3 million customers, achieved full banking status in 2020.
Tim Waterman, chief commercial officer at Zopa Bank, expressed contentment over the collaboration: "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 º£½ÇÊÓƵ."
"Today's partnership brings this award-winning experience into the John Lewis ecosystem, benefiting millions more consumers."
