27 November 2019
3 min read
The Co-operative Bank today launches a new ‘Loans Marketplace’ solution - a service that enables consumers to search for a personal loan quote, with a variety of repayment terms, from a panel of UK loan providers subject to the individual’s personal circumstances.
The Co-operative Bank with Freedom Finance has become the first UK high street bank to provide a suite of tailored loans that reflect the status of the customer. Through proprietary technology and machine learning, the fintech platform allows consumers to carry out a single ‘soft search’ of unsecured personal loan options which will not negatively affect their credit profile. Loans will currently be available from £1,000 to £25,000 and over a term of 1-7 years, with interest rates ranging between 3.1% APR to a maximum rate capped at 39.9% APR. Successful applicants could receive funds the same day.
The panel of loan lenders has been curated by The Co-operative Bank and excludes payday lenders to align with its customer-led Ethical Policy.
Tracey Harrop, Product Lead for Unsecured Lending at The Co-operative Bank said “We have entered into this relationship with Freedom Finance to create our Loans Marketplace and provide consumers with access to lending options from a broad range of loan providers. We know many of our customers seek finance to help them afford key purchases or consolidate existing debt and with Loans Marketplace they will be able to complete one soft search of our select panel of lenders to find personal loan options most suited to their needs without negatively affecting their credit profile.”
Both Freedom Finance and The Co-operative Bank will act as a credit broker and not a lender, as the Bank makes a true ‘re-insurgence’ in the personal loans market benefiting from an omni-channel support capability, meaning consumers can apply online, over the phone, or whilst visiting a Co-operative Bank branch.
Brian Brodie CEO of Freedom Finance comments: “Our highly personalised lending platform allows our partners to strengthen their offering in a highly competitive market, and we are delighted to have the opportunity to work hand-in-hand with a bank for the first time to co-create a personalised digital journey for its customers.
“Our service presents customers with loans they are eligible for, including actual repayment schedules, to help borrowers understand their commitment and make better informed decisions. It is exactly what the market needs in terms of outcomes and consumer education and we’re delighted to be working with such a highly trusted brand to deliver this.”
The panel includes a number of personal loan providers, some of which are other high street banks. All lenders on the panel are FCA registered and any loan search results, and loan rates returned are risk-based on the consumers’ personal circumstances.
The Bank and Freedom Finance will receive a commission based upon a successful loan and the amount borrowed. This commission will not directly or indirectly affect the total cost for credit payable by customers for their loan.
Notes to Editors:
About the Co-operative Bank
the Co-operative Bank plc provide a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sizes Enterprises) customers. The Bank is fully committed to values and ethics in line with the principles of the co-operative movement.
For further information please contact
Nicki Parry, Head of Media Relations
The Co-operative Bank Press Office
Tel: 07734 002 983
Not found what you're looking for?
Contact our support team