The Co-operative Bank launches new ‘Loans Marketplace’ proposition
27 November 2019
- Introducing customers to a tailored lending platform from Freedom Finance for lending options is a UK high street bank first.
- Consumers can access real time decisions and if successful see loan offers with applicable interest rates from a panel of lenders that offer unsecured personal loan options through a single ‘soft search’ that won’t negatively impact their credit profile.
- The Co-operative Bank is promoting access to affordable credit to its customers by providing them with the opportunity to compare quotes from a range of regulated lenders depending on the customer’s personal circumstances.
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.
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The Co-operative Bank
Tel: 0161 201 1590 Email: email@example.com
Tel: 0207 566 9702 Email: firstname.lastname@example.org
Tel: 0203 696 5800 Email: email@example.com
Tel: 0203 696 5800 Email: firstname.lastname@example.org
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.
About Freedom Finance
- Freedom Finance is a fintech platform, which uses proprietary technology and intelligence collected over 10 years of lending experience to tailor product offers for customers. The platform believes passionately in combining digital efficiency with human warmth which has allowed it to partner with a range of household brands such as ASDA Money and Purplebricks. Freedom Finance’s service aims to reduce consumer confusion, providing clarity and not just choice.
- Freedom Finance’ platform provides access to unsecured and secured loans, as well as mortgages, which are tailored to individual circumstances through a soft-search and accurate rates for each customer.
- The platform continues to invest heavily in cutting edge technology and recently implemented machine learning.
- Freedom Finance is a trading style of Freedom Finance Limited, which is authorised and regulated by the Financial Conduct Authority.