Co-op Insurance Moves Into Personal Loans Sector

It’s a new move from Co-op Insurance, as they dip a toe into the personal loans revenue stream;

Co-op Insurance, which forms part of Co-op Group, has announced the expansion of its presence in the financial services market by offering personal loans, in partnership with ClearScore, which comes in response to the views of its member-owners. ClearScore’s credit matching platform is now available to Co-op members and customers, offering them personalised credit solutions.

The member-owned business’ expansion in the market will see it offer both unsecured personal loans and secured loans, with ClearScore, through a selected panel of lenders. Those looking to take out a loan through Co-op can compare tailored loan offers from a range of lenders, with member-owners also able to access exclusive unsecured personal loan rates from selected lenders.

There are also different loan amounts available, depending on the needs of the individual:

·       When taking out a personal loan, members and customers can borrow between £1,000 and £25,000, with repayment periods ranging from one to seven years.

·       Secured loans are available in amounts ranging from £10,000 to over £500,000, with repayment period options spanning three to 30 years.

Research commissioned by Co-op Insurance revealed that nearly half (45%) of its members who are considering a future loan would use it to fund home improvements, while almost a third (29%) would borrow to pay cover unexpected bills.

The move into loans follows feedback from member-owners, who expressed a desire for greater access to finance, particularly loans. Through its loans panel, Co-op Insurance aims to help members and customers take control of their finances and make managing the unexpected, a little easier.

Charles Offord, Managing Director at Co-op Insurance said: “We are pleased to be expanding our presence within the financial services market with our personal and secured loans offering, in partnership with ClearScore.

“Our member-owners have told us that they want to have greater access to finance, particularly loans, that could help to make paying for things such as home improvements or managing unexpected bills a little easier.

“Our members are firmly at the heart of our Co-op and their views have been central to our decision to launch these products. We’ve listened to their feedback and with loans from Co-op, members and customers are now able to compare tailored loan offers from a panel of selected lenders.”

For more information visit: https://www.coop.co.uk/insurance/loans