John Lewis has brought back personal loans for its customers as it looks to widen its financial services offer.
The retailer said it has partnered with digital bank Zopa to provide customers access to between £1,000 and £35,000 in less than two hours on its website.
The loans range from one year to seven years and are repaid within fixed monthly amounts.
The move means customers will be able to receive loans directly from the Partnership once again after it cut ties with HSBC in 2022.
Its outgoing Chief Executive, Nish Kankiwala, last year suggested the company would be looking at expanding its finance business, potentially looking at more buy-now, pay-later services.
Mr Kankiwala said: “In the younger generation, people expect it.”
John Lewis already offers customers credit cards and insurance, as well as a buy now, pay later option for certain nursery and electrical products when they spend between £500 and £1,500.
It is not the only retailer that has strengthened its credit offer in recent days, as Currys relaunched its flexible payment offer this week after it found £1 in every £5 was spent using its services.
Currys flexpay, formerly Your Plan, allows customers to spread the cost of their purchases through fixed monthly payments or via the buy now, pay later in store and online.
