If you’re looking for a personal loan to buy a car, fund home renovations or consolidate your loans, Co-operative Bank Personal Loan is a great option. The co-operative bank is an established High Street name that operates a customer-led ethical policy.
It also supports community-based initiatives such as sport, clean energy and education. So part of your money may go towards a good cause.
What You Need to Know About Co-operative Personal Loan?
The minimum amount you can borrow is £1,000 while the maximum is £25,000. You can repay over terms of between 1 and 7 years. The bank charges an interest rate of between 3.4% to 39.9%. This, of course, depends on how much money you want to borrow.
If you borrow between £2,000 and £2,950 over 1 to 7 years, you’ll receive 20.9% APR (Annual Percentage Rate) representative. Amounts between £15,000 and £25,000 over the same period will receive 8.9% APR.
This is an example of how competitive Co-operative bank rates are compared to some other lenders. The APR basically shows how much it will cost you to borrow money over a year and not just the interest. But keep in mind, the rate varies depending on the loan amount and your life situation.
Representative APR Example:
If you get a Co-operative bank personal loan of £4,000 over 3 years, the monthly repayments would be £136.65 at a rate of 14.9% per annum (fixed). The total amount repayable over the full term would be £4,919.47.
While some lenders impose fees that inflate the loan’s cost, Co-operative Bank doesn’t charge arrangement or late fees. Also, the interest rate is fixed and cannot change under any circumstance. However, they’ll charge you if you pay off your loan early.
If you have more queries, you can reach the bank via live chat or visiting their branch.
Haley Hayward is an experienced writer at gblogo.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
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Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.