John Lewis has reintroduced personal loans, enhancing its financial services portfolio.
- The renowned department store partners with the digital bank Zopa.
- Customers can swiftly access loans ranging from £1,000 to £35,000 online.
- The relaunch follows John Lewis’s previous disengagement from HSBC in 2022.
- Currys also expands its credit services in the competitive retail market.
John Lewis has strategically reintroduced personal loans to its service offerings, aiming to expand its financial services portfolio. Partnering with digital bank Zopa, John Lewis enables customers to access loans efficiently via its website. These loans, which range from £1,000 to £35,000, can be obtained in under two hours, significantly enhancing customer convenience.
The repayment of these loans spans from one to seven years, with fixed monthly instalments, providing a structured and predictable payment plan for users. This move marks John Lewis’s re-entry into the personal loan market after severing ties with HSBC in 2022, reflecting a shift in its financial strategy.
Beyond personal loans, John Lewis continues to offer a variety of financial products, including credit cards and insurance. Additionally, it provides a ‘buy now, pay later’ option tailored for purchases of nursery and electrical goods within the £500 to £1,500 range, further underlining its commitment to flexible consumer financing.
In parallel, Currys has also revised its credit offerings by relaunching its flexible payment plans. Previously known as ‘Your Plan’, it now allows customers to distribute the cost of their purchases through fixed payments, either in-store or online. This development aligns with findings that one-fifth of spending occurs through their services, underscoring the growing demand for flexible payment options.
The rise in personalised financial services by retailers like John Lewis and Currys highlights an industry-wide trend towards accommodating consumer financial preferences, potentially reshaping how retail transactions are conducted.
John Lewis’s strategic move to reintroduce personal loans indicates a pivotal shift in retail financial services.
