Asda Money unveils personal loans service
Written by Anthony Strzalek
Asda Money has partnered with lending platform Freedom Finance to launch a new personal loans offering, in an effort to provide its UK customers with access to “affordable finance”.
The Asda Personal Loans service will launch today and marks the first time that a UK retailer has partnered with a panel-based broker.
The joint venture will use Freedom Finance’s FinTech platform to search a range of lenders. The application will give customers the best available rates for personal loans, without leaving a mark on credit ratings.
Katie Walley, head of Asda Money, said: “Unlike other High Street lenders, we will consult with a panel of trusted lenders through Freedom Finance to ensure we offer customers the best loan for their circumstances and rest assured thanks to the soft search technology, there’s no effect on customer’s credit rating – something we don’t feel is fair.”
Brian Brodie, chief executive of Freedom Finance, added: “This is the first time a panel-based lending approach has been applied to a UK retail loan offering. It widens the market space for Asda Money, who will now be able to say yes to more customers.”