The Co-op Bank launches loan marketplace featuring P2P lenders

THE Co-operative Bank has launched a loans marketplace that will let users access loans from providers include RateSetter and Zopa.

Peer-to-peer lenders will be among other lenders on the panel that can be accessed through the marketplace, which lets consumers ‘soft search’ for personal loan quotes so it doesn’t affect their credit rating.

Loans will be available from £1,000 to £25,000 and over a term of one to seven years, with annual percentage rates ranging between 3.1 per cent to a maximum rate capped at 39.9 per cent.

Successful applicants could receive funds the same day.

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The loans are arranged by insurance broker Freedom Finance which receives a commission alongside the bank if an applicant takes a loan.

“We have entered into this relationship with Freedom Finance to create our loans marketplace and provide consumers with access to lending options from a broad range of loan providers,” Tracey Harrop, product lead for unsecured lending at The Co-operative Bank, said.

“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.”