Cahoot Loans > Reviews > Cahoot flexible loan watch out for increasing APR

Author's product rating:   

Promptness of service
Efficiency of service
Competitiveness of charges/rates

Advantages:	Can withdraw up to credit level
Disadvantages:	Increasing APR when they decide on existing balances

Recommend to potential buyers:

no

Full review

I am very unimpressed with a cahoot personal loan. The one thing i did find when taking out a loan was they had a great user friendly web site that was secure and easy to use this is what prompted me to use their service but i wish i hadnt

I took out a flexible cahoot loan about 4 years ago and would have to say at the time it was fine. I didnt realise a flexible loan meant that cahoot could up their interest rates on your loan at anytime. Although the first 3 years loan APR rate stayed the same and loan balance was reducing nicely over the past one year they have upped my interest rate 3 times on my existing balance, i have never missed any payments and have always paid more than minimum amount i started at 9.9% apr it then rose to 11.9% then to 14.9% then a whooping 19.9% and i just received an email stating in september it will be increased again due to bank of england interest rates now to 21.9%.

I contacted cahoot customer service about this and although they responded quickly i had no satisfaction into why this was happening. I obviously misread their terms and conditions when applying and omitted to read they could up interest at anytime but i feel 21.9% interest is quite unacceptable on a loan, so be careful when applying.