What loans does John Lewis Money offer?
John Lewis is a giant of the retail sector in the UK, but also provides finance solutions. Here we look at its loans offering and what it might mean for you
Who is John Lewis Money?
John Lewis Money, the financial services division of the John Lewis Partnership, offers a variety of financial products to its customers. These include credit cards as well as home, car, and pet insurance policies.
Additionally, John Lewis Money offers personal loans, travel money services, and international payment solutions.
Zopa, established in 2005 and transitioning to a fully-fledged digital bank in 2020, manages the loan offerings under the John Lewis Money brand.
What types of loans does John Lewis offer?
John Lewis Finance, in partnership with Zopa Bank, offers unsecured personal loans tailored to various financial needs, including:
Finance the purchase of a new or used vehicle with fixed monthly repayments and flexible terms, making it easier to manage your budget while getting on the road.
Upgrade your house or flat with a home improvement loan. Whether it's a new kitchen, bathroom, or extension, these loans provide the funds needed to increase your property’s value
Simplify your finances by combining multiple debts into a single loan. Debt consolidation loans offer fixed interest rates and set repayment periods, helping you streamline payments and potentially reduce overall interest costs
Make your special day memorable with financial support. Wedding loans can cover costs such as venue hire, catering, and all the glittering extras, allowing you to focus on celebrating
Plan your world cruise or big family break with holiday loans. Can cover travel expenses and accommodation, with manageable monthly repayments
Car loans
Home improvement loans
Debt consolidation loans
Wedding loans
Holiday loans
Additionally, John Lewis Finance offers other credit options, including its Partnership Credit Card, which allows you to earn rewards on your spending.
How much can I borrow with John Lewis?
You can borrow from £1,000 to £35,000 over one to seven years with John Lewis, through its lending partner Zopa. The interest rate will be tailored to individuals depending on individual financial circumstances.
What is the eligibility criteria?
Zopa’s affordability checks take several things into account when deciding whether to offer an applicant a loan. The main criteria include being:
Aged 20 or older
A UK resident with at least one year of address history
Employed, self-employed or retired with a pension
Have an annual income of at least £12,000 (before tax)
Have a good track record of repaying debt, e.g. utility bills and credit cards
Be able to afford the loan in relation to your income and outgoings
Rather than risk a mark on your credit report, you can check on your likelihood of approval within a few minutes using Zopa’s eligibility checker.
How quickly will I receive the money?
John Lewis says that 95% of successful loan applicants receive their money within a few hours of being approved.
Approval can also be a quick process. There’s no paperwork to send through the post and where possible, you’ll get an instant decision online from Zopa Bank.
Are there any fees or charges?
There is no arrangement fee for the loan and you won’t be charged a penalty fee if you miss a payment, although the amount of interest you’ll need to pay will build.
If you’re struggling with repayments, it’s always better to act early. Get in touch with Zopa Bank to see how they can help you. Missed or late repayments may affect your credit rating and access to credit in the future.
How is the early repayment charge calculated?
Early repayment charges are in the form of added interest and calculated based on your loan term. They are in line with the Government’s Consumer Credit regulations that were updated in 2024.
This means that if your loan term is 12 months or under, the early repayment charge will be equal to the amount of interest that would've been applied to your loan over a period of 28 days. If it's over 12 months, it'll be one month and 28 days' worth of interest.
Why compare loans with MoneySuperMarket?
Simplify the loan comparison process with MoneySuperMarket, where you can explore a wide range of loan options from trusted UK lenders. Our eligibility checker reviews your credit profile to indicate which loans you're likely to qualify for, without affecting your credit score.
We provide essential loan information upfront, including interest rates and terms, and allow sorting by total cost and approval probability, helping you find the ideal loan for your situation.
