Zopa offers loans for phones

Zopa will be the first finance partner for UNSHACKLED.com providing 24-month loans to its consumers if they choose to finance the phone rather than paying in full.

Consumers benefit from UNSHACKLED.com’s ability to offer every phone on the market by separating the tariff from the phone purchase.

UNSHACKLED.com will be integrating Zopa’s innovating and market leading loan decision technology to give customers a personalised quote within seconds. With a quick application and approval process, consumers will receive a fairer deal on their phone financing.

This is Zopa’s first online retail partnership and allows the customers to complete their phone financing, purchase the phone and SIM card in one simple process. The service provided by Zopa for Unshackled.com is Zopa’s first retail point of sale using a newly developed loan application service. This API is already powering the Zopa Car ReFi product and is in beta with a number of consumer finance partners. In future, this technology will be extended to power more partnerships with like-minded partners, offering Zopa’s unique products across industries.

Loan rates will start at 9% APR and will be based on an individual’s credit rating scored by Zopa.

Jaidev Janardana, Zopa CEO said, “With the majority of consumers getting a bad deal on their mobile phone, partnering with UNSHACKLED.com means we can offer consumers a better, fairer and more transparent deal in financing their phone. This is an exciting innovation from Zopa bringing together two online disruptors from the telco and fintech industries.

This is Zopa’s first online retail partnership and demonstrates our capabilities in providing an integrated online application process. We believe consumers have not been well served when it comes to their mobiles and we are delighted to be able to help consumers get the best deal through UNSHACKLED.com.”