John Lewis has reintroduced personal loans in collaboration with Zopa, a digital bank.
- Customers can apply for loans ranging from £1,000 to £35,000 directly on the John Lewis website.
- Loan amounts are available in under two hours for approved applicants.
- This service marks a return to offering loans directly after parting ways with HSBC in 2022.
- John Lewis continues to expand its financial services suite, which already includes credit cards and insurance.
John Lewis, in partnership with the digital bank Zopa, has once again made personal loans accessible for its customers. The loans range from £1,000 up to £35,000, and the application process is designed to be efficient, providing approved applicants with funds in less than two hours. This collaboration aims to enhance John Lewis’s financial services portfolio, enabling them to offer a diverse range of financial products.
The decision to reintroduce personal loans comes after John Lewis severed ties with HSBC two years ago. By collaborating with Zopa, the retailer seeks to fill a gap in its service offerings, thereby strengthening its relationship with consumers who may seek financial assistance quickly and reliably. Applicants can tailor their loans’ duration from one to seven years, with repayments set at fixed monthly amounts, helping to provide certainty and manageability over the loan term.
John Lewis’s strategic expansion into financial services already encompasses a wide product offering, including credit cards and insurance. They also provide a ‘buy now, pay later’ option specifically for nursery and electrical products within certain price ranges. This addition of personal loans complements these existing services, reinforcing John Lewis’s commitment to meeting the diverse financial needs of its customers.
This development is part of a broader trend in the retail sector, with companies like Currys also enhancing their payment flexibility. Currys recently relaunched its flexible payment offerings, which allow consumers to spread purchase costs more manageably. It is clear that the demand for flexible credit solutions is growing, with retailers increasingly seeking to cater to this market demand.
John Lewis’s partnership with Zopa to reintroduce personal loans underscores their strategic commitment to enhance and diversify financial services offerings.
