Co-operative Bank opens Loans Marketplace

Co-operative Bank opens Loans Marketplace

The UK's Co-operative Bank has launched a loans marketplace, enabling users to sift through a panel of alternative lenders to find the best deals.

The bank is using proprietary technology and machine learning from fintech Freedom Finance for 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. Loan search results, and rates returned, are risk-based on the consumers’ personal circumstances.

Brian Brodie CEO of Freedom Finance comments: “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.”

The panel includes a number of personal loan providers, some of which are other high street banks. The Co-operative and Freedom Finance will each receive a commission based upon a successful loan and the amount borrowed.

Tracey Harrop, Product Lead for Unsecured Lending at The Co-operative Bank says: "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.”

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