Co op bank loans
However, the co-operative banks don't have ATM machines but since they issue visa debit cards so it survives very efficiently among the competitive banking industry in United Kingdom. And when it is time to get loans people don't see the number of ATM centres but the APR, repayment period, other charges etc.
There are three types of loans available in Co-operative Banks in United Kingdom:
1)Personal Loans: The co-operative bank offers loan at very reasonably cheap rates. Amount of principal is also enough to fulfill general personal needs. The rate is typically 8.9% APR for the duration of loan when borrowing between £7,500- £14,950. However the bank also offers loans for other amount up to £25,000 as a personal loan when the specified conditions are fulfilled. Repayment period is between one to seven years. The biggest advantage over other retail lenders is that there is no arrangement fee. The current account holders are given more facility. They are not needed to make any payment for the first three months.
2)Professional and Career Development loans: A professional and career development loan from the co-operative bank is facilitated to enhance career prospects and earning potential of the borrower. Borrowing is available for the amount of £300 to £10,000. The interesting fact about this loan is that the government pays interest for this principal amount till the studies are continued and one month afterwards. Once the loan has been agreed the borrower has to pay a fixed amount per month as repayment. The duration to repay the loan is from one year to five years. And the repayment starts after completion of the course. To apply for this loan one needs to contact the learning and skill council. Applicant must be a U.K. resident and aged between eighteen to sixty nine years. The APR is 9.9%. The financial tools help the customers in budgeting, borrowing and planning for the future. There is no arrangement fee. The early settlement fee is equal to one additional month's interest on the amount outstanding.
3)Secured Loans: The bank provide loans of higher amount in security of a home. The term Âfreedom finance' is introduced to facilitate such secured loan. If someone is home owner and interested in secured loan then freedom finance is perfect for him or her. The rate is 13.7% APR typical /variable. The amount offered is from £5000 to £ 100,000. The purpose of the loan could be anything from debt consolidation to home improvement. Repayment period is from five years to thirty years. Once the applicant approaches for loan the freedom finance assesses the purpose of the loan in details then they search their penal of lenders to provide the applicant the best offer to suit his/her budget. However the freedom finance is not free of charge. It charges a fee for such assessment. Before borrowing money in security of home one should be well aware that his or her house can be re-possessed by the bank in case repayments are not made. And if the debts are consolidated then the terms of repayment and amount of the installments would rise. Like other customer service providers the freedom finance may record calls for quality and training purposes.