Zopa to finance loans for CommuterClub

Source: Zopa

Commuters can save as much as £500 off the cost of travelling to work, thanks to a new partnership between two pioneering financial services companies, Zopa, and CommuterClub.

CommuterClub works by giving commuters easy access to the cheapest travel ticket available, the Annual, while paying via affordable monthly Direct Debits. It is cheaper than using monthly or weekly tickets and delivers huge savings compared to pay-as-you-go or using contactless cards.

From today, Zopa’s award winning loans will be financing CommuterClub season tickets. Commuters will save money compared to buying daily, weekly or monthly tickets, will no longer have to queue at the ticket machine and will be able to cancel their CommuterClub subscription at any time.

The partnership brings together two fintech pioneers with the same ethos of making things easier and fairer for consumers.

Commuters across the country can enjoy a more hassle-free commuting experience as a result. For example, a person travelling from St Albans to Central London would be able to save £421 annually compared to the cost of a monthly ticket, while someone commuting from Edinburgh to Glasgow could save up to £476. Even Londoners traveling in to work from Balham would save at least £294 compared to the cost of paying by Contactless debit card.

Zopa’s partnership with CommuterClub is just the latest example of the world’s first peer-to-peer lender helping people to get better value financial products and enjoy a stress-free experience. Since 2005, Zopa has redefined what people should expect from a personal loan, invented a new investment class, and brought award-winning customer service back to financial services.

Since its launch in 2014, CommuterClub has helped commuters save over £6m.

Andrew Lawson, Chief Product Officer at Zopa, commented: “We’re always looking at new ways of helping people get on with their lives, rather than stressing about money. Teaming up with Commuter Club will help commuters save money, giving people that little bit extra to spend, save, or invest how they want.”

Steve Dukes, CEO at CommuterClub, commented: “Partnering with Zopa fits with our mission to make commuting simpler, cheaper and more convenient for consumers. We’re excited to work with a business that shares the same passion for making things easier for people as we do.”

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