Freedom Finance and Asda Money have announced an unsecured personal loan partnership. The partnership will provide Asda Money’s customers with access to Freedom Finance’s specialist broker team and to its financial technology platform to search through its panel of lenders.
The new platform can be accessed online and via telephone and will give customers the best available rates for personal loans without affecting credit ratings.
Brian Brodie, Chief Executive of Freedom Finance said: “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. This joint venture will significantly increase the number of personal loan approvals that Asda Money will be able to provide to its 19 million-strong customer base.”
Katie Walley, Head of Asda Money said “Our strong belief and analysis of the current market was that a new and different approach to personal loans was desperately needed to better fit the needs of our customers and consumers who are often turned down or offered a rate that doesn’t suit them.”
“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.”