Cahoot is an internet bank that is based in the UK. It is loan lending division of Santander, a banking giant of the Spanish and British that operates from London, United Kingdom. The company is registered for business in England and the Wales. The bank has about 750,000 customers in 2008 and specialises in providing these huge customers loans with low-interest rates to make it convenient for them to repay the loans.
Cahoot offers its customers loans that range between £1,000 and £20,000 to assist them to meet some financial obligations. The repayment duration for such loan is 5years. If you want to take a loan between £7,500 and £20,000, you can take a personal loan that will cost you less at an APR of 3.0%.
To qualify for this loan, there are some stipulate conditions that you must meet. Consider these ones:
- You must be 21 years old or more when applying for the loan.
- You must live in the United Kingdom.
- You must also have a current account.
- You must be employed or have a regular source of income.
- Your income should be enough to cater to your needs, bills, and the monthly repayment. It is recommended that your monthly income shouldn’t be less than £500 as a safety precaution.
- You must not have declared bankrupt in the past nor have issues with an IVA or CCJ in the past 6 years.
Why choosing Cahoot?
Cahoot offers some services that make them a good loan company to give a thought to while thinking of taking a loan such as:
- Flexible terms: The terms of taking their loans are very clear and not ambiguous. You can borrow from £1,000 to £20,000 from Cahoot and choose a convenient repayment plan that will make it easy for you to repay your loan between 1 and 5 years.
- Quick decision: During emergencies, there may be an urgent need for a loan. A lending company that takes too much time before making a decision will hardly be helpful. An ideal company will make a quick decision that will make the money available when needed. That’s exactly what Cahoot does. Their decision is usually made within minutes and you will be notified via email.
- Fixed monthly repayment: The repayment amount is fixed to give a borrower the privilege of planning his monthly expenses due to the knowledge that his repayment amount will not change. This makes repayment easy for the borrower.
- Credible: The credibility of this loan lending company is confirmed by its registration with the Prudential Regulation Authority which also regulates its activities along with the Financial Conduct Authority.
In conclusion, you can take a personal loan at a very low APR of 3.0% if your loan lies between £7,500 and £20,000. You can call the company for clarifications on some issue before or after taking a loan and the company will be more than ready to lend you a helping hand.