Co-operative Bank launches personalised loan marketplace with Freedom Finance
The UK’s Co-operative Bank has launched a new ‘loans marketplace’ with Freedom Finance – a ‘soft search’ platform which allows people to apply for a loan without it affecting their credit score.
The new lending marketplace is designed for consumers searching for a quote on a personal loan. The search will populate various repayment terms from UK lenders which suit the specific consumer.
The bank says it’s “the first UK high street bank to provide a suite of tailored loans that reflect the status of the customer”, and suggests some successful applicants “could receive funds the same day”.
The marketplace bears hallmarks of Freedom Finance’s ‘soft search’, which will allow Co-operative Bank users to find loan options without negatively affecting their credit profiles.
CEO of Freedom Finance Brian Brodie says its personalised lending platform allows partners like Co-operative Bank” to strengthen their offering in a highly competitive market”.
“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,” he adds.
Currently the marketplace offers loans between £1,000 to £25,000 with 1-7 year term times. Interest rates span between 3.1% to 39.9% APR.
The bank says its lenders offered through the search don’t include payday lenders in order “to align with its customer-led ethical policy”.