The insurance arm of the Co-op Group is expanding its presence in the financial services market by offering personal loans, in partnership with ClearScore.
As part of the collaboration, ClearScore’s credit matching platform will be available to Co-op members and customers, offering personalised credit services.
Its member-owners and customers will be able to access unsecured personal loans between £1,000 and £25,000, and secured loans from £10,000 to more than £500,000, with repayment period options spanning three to 30 years.
This decision comes after Co-op Insurance commissioned a report of its members, which found nearly half (45 per cent) who are considering a future loan would use it to fund home improvements. In comparison, almost a third (29 per cent) would borrow to cover unexpected bills.
Commenting on the new offering, 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,” he added.
This comes after a report in June revealed that fintech SME lender expanded its loan book as firms turn to debt finance.
The UK lender to SMEs topped £1.75bn in the total cumulative value of all loans they’ve approved and funded after the firm’s loan book expanded by £505m over 2024.
The chief executive of ClearScore, Justin Basini, is set to be a guest on City AM‘s Boardroom Uncovered show next month.