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This was my first ever loan application, and although I thought I would be baffled by all the legal jargon I found the cahoots loan very easy to understand! I took a fixed rate loan for £1000 at only 5.9%, I am borrowing it over a period of 12 months and only have to pay them a total of around £30 interest!
APPLYING FOR THE LOAN One huge problem for some people here-it can only be done online, for me though this is a huge benefit as it means no hassle trips to banks and talking to bank managers, no lengthy forms-pretty much everything is online which I think is fantastic. The actual application didnít take me that long, around 15 minutes Iíd say. They ask for your personal information-but how odd I thought-you donít have to give details of how much you earn, a very strange notion I thought, but I went along with it and after 15 minutes I was told that I had been accepted prior to checking some details such as my address. I even got to set up the direct debit for the loan online and did not have to nothing else to enable me to set up paying for the loan! There are no hidden charges or admin fees for setting up the loan either-you pay back the laon and the interest and thats it!
AND WAS I ACCEPTED? After being initially accepted I received an email telling me that they would send me the paperwork to sign and then I must send it back with 2 documents containing my name and address, they said this would take around 4 working days, for me it arrived on the fifth working day, so immediately wanting my loan (to pay for a cats much needed operation-it ate a toy) I quickly posted the signed form and my documents to them. 3 days later I receive my documents back-but there still checking, 4 days later that I receive a letter telling me that the money is in my account-upon checking it had been in there already a day-should check my bank account a bit more often!
SITE INTERFACE I found the cahoots site extremely easy to use (except for the first visit I couldnít find my bank homepage-a quick 3 minutes of searching and I was back in business) and you can check and see how much money you have left to pay off, you can even pay a bit extra if you want-with no redemption penalties-HURRAH! So if I win the lotto thatís what Iíll be doing!
CONCLUSION A great deal-you will NOT find anything cheaper at current, and I think its great that a company is able to offer such a cheap loan rate to consumers. This type of loan is great for anyone who wants a great low loan rate with access to the Internet who doesnít have much spare time and wishes to set it up online (and you must also be 21) Not so great for the under 21s, or people who donít know how or donít wish to use online banking (or maybe they want to pay loads of interest on the loan for some bizarre reason-people like that do exist unfortunately!)
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