Cahoot Personal Loans Review
Cahoot personal loans are one of the many financial products that are available to consumers in the UK. With interest rates as low as 2.80% APR, it’s no wonder people are considering this option for their borrowing needs. But is it too good to be true? Is Cahoot a scam or a reliable option?
In this Cahoot personal loan review, we’ll explore the ins and outs of Cahoot personal loans and help you decide whether or not they’re right for you. We’ll cover everything from what Cahoot offers, their application process, and customer reviews so you can make an informed decision before committing to anything.
Cahoot is an online personal loan provider that offers loans of up to £25,000. The company has been in business since 1988 and is based in the UK. Cahoot is a subsidiary of the Santander Group, one of the largest banks in the world.
They offer personal loans at competitive interest rates and have a simple online application process. The company also offers a number of other financial products, including credit cards and savings accounts.
However, there have been some complaints about Cahoot’s customer service and its website can be difficult to navigate. Overall, Cahoot is a reliable option for borrowers looking for a personal loan but it’s important to compare multiple lenders before making a decision.
|Loan Amount||From £1,000 to £25,000|
|Loan Terms||From 12 to 60 months|
|APRs||2.80% – 4.20%|
|Origination Fee||Yes, 0,5%|
|Immigration Status Considered||Permanent UK resident|
|Employment Statuses Considered||N/A|
|Intended Use||Debt consolidation, medical expenses, vacations, wedding costs.|
|Joint Loan Applications Accepted||N/A|
|Verification Documents Required||N/A|
|Minimum Credit Score||610|
|Minimum Income||At least £6,000 annual income|
|Loan Purpose||Personal use|
|Supported Income Types||All|
|How Long To Get Funds||1 business day|
|Other Prerequisites||Must be 21 or older|
Cahoot is an online lender that offers personal loans to qualified borrowers. Cahoot is a division of Santander UK, one of the largest banks in the world.
The company offers personal loans for a variety of purposes, including debt consolidation, home improvement, and major purchases. Loan amounts range from £1,000 to £25,000, and repayment terms are from 12 to 60 months.
Cahoot personal loans have fixed interest rates, so your monthly payment will never increase. The interest rate you pay will depend on your credit score and other factors.
When it comes to the fees, Cahoot does charge origination fees and they do charge early prepayment penalties and late fees as well.
To apply for a Cahoot personal loan, you must be a UK resident and at least 21 years old. You’ll need to provide some basic personal and financial information, including your income and employment history.
Cahoot Personal Loan Rates, Terms, and Fees
Cahoot personal loans offer some of the most competitive rates on the market, with rates starting at just 2.80% APR. Terms and conditions are also favorable, with loans available from 12 to 60 months. However, there are a few fees to be aware of before taking out a loan with Cahoot.
The main fee is the origination fee, which is charged when you take out the loan and is typically 0.5% of the loan amount. On top of that, there is also a late payment fee of £25 if you miss a repayment.
They also have a fee for a failed payment, which is £15 if your payment is returned by your bank. Overall, Cahoot personal loans are a very competitive option, but make sure you are aware of the fees before taking one out. And in comparison to other lenders of this type, they can be considered a bit expensive.
With this said, we do advise you to think hard before deciding to apply for a Cahoot personal loan. In case you want to see how much you will have to pay or how much money you can borrow, you can use the loan calculator on their website.
How Much Can I Borrow with a Cahoot Personal Loan?
Assuming you have a good credit score, Cahoot will let you borrow up to £25,000 with its personal loans. The amount you can ultimately borrow depends on your affordability and creditworthiness. The representative APR is 4.2%.
Although the maximum amount allowed for borrowing is £25,000, keep in mind that the amount you will actually be able to borrow depends on many factors. The first and main factor is your credit score.
So, before you decide to take out a loan, make sure to speak with a loan officer and fully understand the loan terms before putting your name on the dotted line.
How to Apply for a Cahoot Personal Loan
If you’re looking for a Cahoot personal loan, the process is pretty straightforward. You can apply online or over the phone in just a few minutes.
Here’s what you’ll need to do:
- Go to the Cahoot website and select “Personal Loans” from the top menu.
- Enter your personal details, including your name, date of birth, contact information, and annual income.
- Choose how much you want to borrow and for how long. You can borrow between £1,000 and £25,000 for up to 5 years.
- Select whether you want to repay your loan monthly or weekly.
- Review and agree to the terms and conditions.
- Submit your application and wait for a decision.
- If approved, you’ll get the money in your account within 2 working days or less.
Pros and Cons of Cahoot Personal Loans
If you’re considering a Cahoot personal loan, it’s important to weigh the pros and cons before making a decision. On the plus side, Cahoot offers competitive interest rates and flexible repayment terms.
You can also check your rate without impacting your credit score. However, there are some downsides to consider as well. Cahoot doesn’t offer pre-qualification, so you won’t know what kind of loan terms you’ll be offered until you apply. Additionally, Cahoot personal loans are only available to UK residents.
|Low APRs||Bad online reviews|
|Good loan amount range||Isn’t accessible to anyone|
|They are regulated by FCA||There are prepayment, origination and late payment fees|
|Loans are secured by FSCS|
Is Cahoot Personal Loan Protected by the Financial Services Compensation Scheme (FSCS)?
The short answer to this question is yes, Cahoot personal loans are protected by the Financial Services Compensation Scheme (FSCS). This protection applies to both the principal amount of the loan and any interest that has accrued on the loan. In the event that Cahoot were to become insolvent, customers would be eligible to make a claim under the FSCS for up to £85,000 per person.
On top of that, Cahoot is also registered and regulated by the Financial Conduct Authority (FCA). This ensures another layer of security for all their customers. In other words, you are protected by the law and in case something happens, you can get your money back.
So, in summary, yes Cahoot personal loans are protected by the Financial Services Compensation Scheme, but this protection does not extend to losses arising from fraudulent activity. But that’s why they are also FCA regulated, which protects you in the case of fraudulent activity.
Is Cahoot a Reputable Lender?
Cahoot is a UK-based online lender that offers personal loans at competitive rates. The company is licensed and regulated by the Financial Conduct Authority (FCA), which gives borrowers some peace of mind that their money is in safe hands.
Cahoot has a good reputation for being a reliable and trustworthy lender. The company has a high satisfaction rating from its customers, and it consistently ranks well in independent surveys. Overall, they have been in business for many years and they do deliver their services.
Summary of Cahoot Personal Loans
- Cahoot Personal Loans is a division of Santander, UK, and they have been in business since 1988.
- The company offers low APRs and very competitive interest rates with loan terms from 1 to 5 years.
- You must have a good credit score and be invited by the lender in order to get a personal loan from them.
- The amount you can borrow ranges from £1,000 up to £20,000.
- Lastly, Cahoot personal loans are protected by FSCS.
Cahoot Personal Loans FAQs
1. What is the interest rate on Cahoot Personal Loan?
Cahoot Personal Loans offer competitive interest rates for their borrowers as well as low APRs.
2. Is it necessary to have a good credit score to get a Cahoot Personal Loan?
Cahoot Personal loans have a 610 credit score requirement for all their borrowers, but you must also be invited by the company.
3. How long does it take to get the loan disbursed after approval?
It only takes 1 business day to get your funds after you’ve been approved.