Personal loan customers get boost from cahoot

Thursday, January 12, 2006

Internet bank cahoot has announced that the rates for its personal loan are to be cut, meaning consumers can start the year with a boost should they need a personal loan.

The bank has cut its personal loan rate from 5.8 per cent APR to 5.6 per cent, which cahoot claims makes it one of the cheapest loans available in the UK.

"The beginning of the year is an extremely popular time for people to take out loans, for everything from consolidating existing debts to making the most of the January sales," said John Goddard, managing director of cahoot.

"Our new loan rate makes cahoot one of the cheapest places to borrow money, so consumers can get a great deal on their finances."

The typical APR of 5.6 per cent is only available to those customers wishing to take out a personal loan of £5,000 to £20,000, with the rate for lending below this standing at 8.9 per cent APR.

The comparison that cahoot offers suggests their new personal loan rate is better than that of Northern Rock, Alliance and Leicester and Halifax.

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