Zopa reveals new partnership

The peer-to-peer lending platform has teamed up with CommuterClub to cut the cost of commuting.

Commuters will be able to save up to £500 off the cost of travelling to work through peer-to-peer lending platform Zopa’s new partnership with CommuterClub, the firm has said in a statement.

Zopa’s loans will finance CommuterClub season tickets, which allow commuters to buy annual travel passes, the cheapest travel tickets available. Commuters pay via monthly direct debits. The firm says that it is cheaper than using monthly or weekly tickets and substantially less than pay-as-you-go or using contactless cards.

Users can cancel their CommuterClub subscription at any time.

Here is an example of how it works. A person travelling from St Albans to Central London would be able to save £421 annually compared to the cost of a monthly ticket, while someone commuting from Edinburgh to Glasgow could save up to £476.

CommuterClub, which launch in 2014, says it has helped commuters save over £6m.

Andrew Lawson, Chief Product Officer at Zopa, said the platform is always looking at new ways to help people take stress out of money management.

“Teaming up with Commuter Club will help commuters save money, giving people that little bit extra to spend, save, or invest how they want.”