Common enquiries
Personal loans
Q. What is the minimum and maximum loan term? A. The loan is available from 1 to 7 years. Q. What is the maximum amount I can borrow? A. You can borrow up to £25,000. Q. Will the loan be secured against my house? A. No, it's an unsecured loan and therefore not secured on your home. Q. If it's a joint application, do we both need to sign the credit agreement? A. Yes, both people need to sign the credit agreements. Q. Can I have a loan for any purpose? A. Yes, you can use the loan to buy anything you want for personal purposes. Q. What is the APR? A. The typical APR is 8.9% for loans from £7,500 to £25,000. Because the interest rate is fixed for the term of the agreement, your loan repayments will stay the same. Q. How much could I borrow? A. See the loan calculator Q. How much could you lend me? A. See the loan calculator Q. How much will a loan cost me? A. See the loan calculator Q. What will the monthly repayment be on my loan? A. See the loan calculator Q. Why don't I get the rate that was advertised? Our advertised loan rate is our typical rate which the majority of our customers will receive. However, each application is assessed on an individual basis and we consider a combination of factors to set your personal loan price. Q. Who can apply? A. You need to be aged 23-69, be a permanent UK resident, hold a bank or building society account and have a minimum gross annual income of £10,000. Q. Can I take a repayment holiday? A. No, repayment holidays are not available for this loan. Q. Can I repay my loan early? A. If you pay off your loan early, you are entitled to a rebate and we are entitled to be compensated for our administration and set up costs by postponing your settlement date by 1 month. This is in accordance with the Consumer Credit Act 1974 and The Consumer Credit (Early Settlement) Regulations 2004. Q. Is The Co-operative Bank regulated by the FSA? A. The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110). A personal loan is not a regulated product.Application process
Q. How can I apply for a personal loan? A. You can apply for a loan by completing the online application form or by calling 0800 34 64 94 Q. How will I know if I have been accepted? A. You need to supply your email address in the application form and we will email the decision to you, usually within minutes. Q. How quickly can I get my money A. Your loan agreement could be delivered direct to your home or work within 24 hours at a time to suit you with an optional Courier Service at a charge of £50. Plus, when you opt for your Loan Agreement to be delivered by the optional Courier Service, you will get a next-day* transfer of your loan funds into your bank account once the signed documentation is received.Alternatively you can choose to have your new loan transferred to your selected bank account by BACS, this will take up to 4 working days following the receipt of your agreements.
Optional loan payment protection insurance
For full details about optional loan payment protection Insurance, please see payment protection plan
Q. Who is optional loan payment protection insurance provided by? A. Loan payment protection is provided by Norwich Union. Q. Who can benefit from optional loan payment protection insurance? A. Loan protection is available to anyone over 18 and under 65 who is working more than 16 hours a week and a UK resident. Q. What are the benefits of taking optional loan payment protection insurance? A. By taking our Personal Loan Protection, should the unfortunate happen and you are unable to work either due to an accident, sickness or unemployment, our cover could protect your payments.General
Q. Is this site secure? A. We take a serious view on security and protection of customer information. This site has been designed in accordance with financial industry standards and best practices. Q. I am having problems viewing this website, what can I do? A. For full details please see our accessibility summary. Q. What Happens Next? A. Once you have submitted your application we'll check your details and credit history and confirm your eligibility for the loan. We'll send you a decision by email within 24 hours in most cases. If accepted we'll send you a loan agreement form, a standing order mandate and a pre-paid envelope in 2-7 working days**. Sometimes we may request proof of ID or address.You will need to read and sign and return the agreement form, complete and sign the standing order mandate and return them to us in the pre-paid envelope. Once we have received your signed agreement form and standing order mandate we send a confirmation letter to you in 1-2 working days and the money will be available for you in 3-4 working days**.
If you request the Courier Service, the funds can be available within 24 hours.
If we need proof of your ID or address this may delay the process for 1-2 working days**. Q. Is it possible for me to get a decision by email? A. Yes. All decisions are provided by email, therefore it is important that you provide your correct email address in the application form.
*Next-day transfer applies to working days only.
**Working days are Monday to Friday, excluding UK National Holidays.
