Zopa Bank is partnering with the financial services arm of John Lewis to offer personal loans to the retailer’s 23 million customers.

The move will see Zopa, which currently has over one million UK customers, embed its digital-first personal loan product on the John Lewis Money website, expanding the department store’s existing personal finance options.

John Lewis currently offers a number of financial services to its customers, including a credit card and insurance products.

Zopa said that its personalised loan quotes are formed in three minutes, with most customers accessing their money in less than two hours once it has been approved.

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

“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," said Andy Piggott, director of credit and banking, John Lewis Money. "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 also markets a number of other financial products, including credit cards, point-of-sale retail finance, car finance, savings accounts, and financial health tools.

It says it has grown rapidly since its establishment in 2020 through high quality partnerships, organic and inorganic new business expansion, and product innovation.

The organisation also plans to launch a current account later this year.

“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," said Tim Waterman, chief commercial officer, Zopa Bank.

---