John Lewis partners with Zopa bank to boost personal loan offering

By Gloria Methri

Zopa Bank has partnered with John Lewis Money, the financial services arm of John Lewis Partnership, to offer personal loans to its 23 million customers. The partnership will see Zopa embed its digital-first personal loan product in the John Lewis Money website, giving customers more finance options at a great value.

Customers can get a personalised loan quote in 3 minutes with no impact on their credit score, and most can access their money in under 2 hours once their loan has been approved. Available loans range from £1,000 to £35,000, with terms ranging from one to seven years.

Tim Waterman, Chief Commercial Officer at Zopa Bank, said, “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 with great value and experience. We have led the movement towards personalised rates and instant loan approvals and currently serve over 1 million customers in the UK. Today’s partnership brings this award-winning experience into the John Lewis ecosystem, benefiting millions more consumers.”

Andy Piggott, Director of Credit and Banking at John Lewis Money, added, “Zopa Bank has been a trusted partner of ours for almost two years; we are 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 is to help with home renovations, buy a car, or fund a once-in-a-lifetime trip, we hope that this additional finance option can help our customers turn their ambitions into reality.”

Today, Zopa Bank serves 1.3 million customers with personal loans, credit cards, point-of-sale retail finance, car finance, savings accounts, and financial health tools. Since becoming a bank in 2020, it has grown rapidly through high-quality partnerships, organic and inorganic new business expansion, and product innovation. It is ready to launch a current account this year.