As a cooperative group, the Cooperative Financial Services markets itself as a customer-lead group offering ethical banking solutions. A co-op loan allows you to borrow between £500 and £25,000 with their personal Co-op loan option.
Repayment options are available for over 1 to 7 years, and interest is fixed for the duration of the loan, so your repayments will not change from month to month. The typical advertised rate on a co-op loan is 7.90% depending on an assessment of your personal circumstances and financial situation.
The co-op loan is an unsecured loan , which means that you do not have to offer collateral for the loan, such as your house. However, if your personal credit rating is less than perfect, you may wish to consider a secured loan option, as by offering security on the loan, many lenders may offer more favourable loan terms and more attractive rates. To find the most competitive secured loan option for your budget, complete the form on this page for a fast analysis of the best deals currently available in the market.