John Lewis has reintroduced personal loans, signalling an expansion of its financial offerings.
- The department store chain now partners with Zopa to offer loans of £1,000 to £35,000.
- Loans can be obtained online and are available within two hours.
- This revival follows John Lewis ending its partnership with HSBC in 2022.
- Currys has also enhanced its credit options, echoing a trend in retail.
John Lewis has reintroduced personal loans for its customers in collaboration with digital bank Zopa. This move represents a significant expansion of the store’s financial services, enabling customers to borrow between £1,000 and £35,000. The loans can be accessed through the John Lewis website and are processed quickly, often within two hours.
Customers have the flexibility to choose loan terms ranging from one to seven years, repaying the borrowed amount in fixed monthly instalments. This reintroduction comes after John Lewis terminated its previous loan partnership with HSBC in 2022.
Currently, John Lewis provides a range of financial products, including credit cards, insurance, and a ‘buy now, pay later’ feature for certain products. This latest addition reflects an ongoing trend where retailers offer enhanced financial services.
The move by John Lewis parallels similar actions by other retailers. For instance, Currys has recently relaunched its flexible payment options, allowing customers to manage their purchases more effectively. This update follows the retailer’s finding that a significant portion of its sales (£1 in every £5) utilises such credit services.
This strategic move marks a significant return of John Lewis to the personal loan market, aligning with industry trends.
