What: John Lewis has reintroduced personal loans for its customers through a partnership with digital bank Zopa.

Why it is important: This move expands John Lewis's financial services, providing customers with quick access to loans and enhancing the retailer's competitive edge in the financial sector. It reflects a broader trend among retailers to offer flexible credit solutions to meet customer demands.

John Lewis has revived its personal loan offerings by partnering with digital bank Zopa, allowing customers to access loans ranging from GBP 1,000 to GBP 35,000 directly through its website. These loans, which can be processed in less than two hours, are available for terms of one to seven years with fixed monthly repayments. This initiative marks John Lewis's return to providing direct loans after ending its partnership with HSBC in 2022. Alongside personal loans, John Lewis offers credit cards, insurance, and a buy now, pay later option for specific products. This development aligns with a trend among retailers like Currys, which recently relaunched its flexible payment services to cater to customer preferences for manageable payment options.

John Lewis reintroduces personal loans with Zopa partnership