Co-operative Bank Personal Loan


If you are looking for a personal loan for say a car, home improvements or to consolidate existing loans, then Cooperative Bank, with its long established High Street name, are certainly worth looking at. And they operate well policy as well if you are interested in such issues, supporting initiatives such as sport, clean energy and education, so any interest paid on loans may be funding a good cause.

You can apply for loan amounts of between £2,000 to £25,000 with loan periods of between 1 and 7 years. Looking at each end of the scale, here are two examples: Borrowing between £2,000 and £2,950 over between 1 – 7 years comes with an APR (Annual Percentage Rate) representative of 20.9%.  Borrowing between £15,000 and £25,000 over between 1 – 7 years comes with an APR (Annual Percentage Rate) representative of 8.9%

As the Bank puts it, they don’t believe in “arrangement fees”, so none are payable for setting up a loan with the Cooperative Bank. Also the rate of interest on the loan will be fixed at the outset so it cannot under any circumstances be increased.

The representative APR quoted can be used to compare to other loans from other providers to give an idea of how competitive the terms of the loan are. The representative APR is basically an indication of what most borrowers will pay but each application is obviously looked at on its merits so the rate offered may differ slightly. Loans can also be paid off early, before the end of the term, subject to a minor additional interest charge.


Here is a more detailed example:
For a loan amount of £6,500 over 5 years, the monthly repayments would be £142.29 over the 60 month term of the loan at a rate of interest per annum (fixed) of 11.55%. The total amount repayable over the full term of the loan would be £8,537.40. The representative APR is 11.9%