Calculate the cost of a John Lewis loan
What's in this guide?
What are John Lewis loans?
Well over 150 years since opening as a drapery store, John Lewis is still going strong as one of Britain’s best loved brands. John Lewis Finance, a partnership with HSBC since 2014, brings the brand’s trusted, home-grown image to the financial sector with credit cards, insurance, and loans products.
Despite being a relatively new fixture in the financial industry, John Lewis Finance personal loans have been given a 5 star rating by Defaqto, are available to existing and new customers, and come from one of the most trusted names on the high street. Whatever it is that you could use some extra cash for, John Lewis Finance offer loans from £1,000-£25,000 at highly competitive rates.
Key features of a John Lewis personal loan at a glance
John Lewis offers “unsecured” personal loans, which means that loan approval is based on individual creditworthiness rather than being secured on an asset such as a property. They have a fixed rate, which means that the amount you have to pay each month won’t change. Here’s a quick rundown:
The interest rate you’re offered will depend on factors like the amount you apply for, the term of the loan, your credit rating and your income. It may differ from the advertised “Representative APR”.
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £25,000.00|
|Loan terms||1 Year to 5 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Direct Debit|
What is APR?
If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a John Lewis Finance personal loan?
You should only apply for a John Lewis Finance personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
- Aged 18 years or over
- UK resident with a UK bank account
- Gross annual income or pension of £10,000 or more
How can I apply?
Before applying for a John Lewis Finance personal loan you’ll need your:
If you have an existing John Lewis Partnership Card or Personal Loan, it’ll help speed up your application if you have your card or account number to hand.
If you’ve decided a John Lewis Finance personal loan is for you, and you have to hand all the above information, you can apply online or call 0345 266 1390 (Lines are open 7am-11pm).
Frequently asked questions
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