Co-operative Bank Personal Loan

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My husband applied for a loan with Co-op which stated their typical APR was 8.9%. My husband has an excellent credit rating and has never been offered anything higher than the typical APR. We were shocked when we received the application saying we would have to pay 14.9% APR!! We were concerned about applying for any other loan as this can affect the credit rating, so we continued with the process and agreed to have the loan.

We have been looking to repay this loan and wanted a settlement quote, unfortunately, it was extremely difficult to get through to someone to speak to! My husband used the phone number provided on the annual statement and tried going through the menu options to get the quote but just kept getting sent round in circles as their wasn't an appropriate menu option. In the end, he found a phone number which was to set up a new loan and thankfully managed to speak to a real person!

If you're looking for a loan, try Nationwide. They actually gave us the 4.9% typical APR, provide frequent balance updates, which tell you how much the settlement quote is and when you phone them you get straight through to them!!!

Husband and I have been customers for a decade.

Salaries etc go into our accounts and no bad credit.

Every time you call the coop, they offer you a loan and say

you're pre-approved for a loan of gazillions but when we applied for

a small home improvement loan?? No chance. We are moving our

accounts away now. Such a shame as previously enjoyed banking with

them (as much as one can ever enjoy a bank) but it's not a two way street

so we are offski! Like a previous reviewer on here, my credit file now has a

refusal on it!

I HAD BEEN A CUSTOMER FOR FIFTEEN YEARS AND HAD A THREE YEAR LOAN WHICH WAS DUE TO END IN TWO MONTHS. THE CO-OP CONTINUALLY KEPT OFERING ME A AN ADDITIONAL DURING THIS PERIOD. I TOOK THEM UP ON THE OFFER AND HAVE HAD AN IMPECCABLE CREDIT SCORE BUT THE COOP DECLINED THE LOAN WHICH I APPEALED TO NO AVAIL AND THEY HAVE TOLD ME THERE IS NOTHING BAD ON MY CREDIT FILE.

MY CREDIT FILE IS NOW BLEMISHED WITH THIS APPLICATION WHICH I REALLY WISH I NEVER MADE.

The Co-op bank may have ethical investment policies in mainly helping 3rd world countries , but this obviously doesn't extend to listening or helping their poor U.K customers needs.

I went £2:17p accidentally overdrawn for one day and they'll hit me with a £20 service charge which i found out a week later by a letter sent 2nd class post which also threatened to take my debit card off me (punishment for going overdrawn).

When i rang up to complain about the charge explaining that i thought it was excessive customer services put me on hold for 5 mins costing me more money as it is an 0845 number came back answer no couldn't waive charge .

Also Internet banking is slow to update and correct balances don't show up until at least 10 days later .......avoid

really impressed with the service, had been turned down by sainsburys( EVEN WITH AN EXCEELENT CREDIT SCORE)and wasnt too sure about applying elsewhere but im so glad i did, applied by phone instead of online as advised by credit expert advisor and paperwork arrived within 2 days and money in my acc 5 days later i cannot praise co op bank highly enough and would highly recommend to everybody

My fianc appliced for a personal loan from Co-op bank online, which stated their typical APR was 8.9%. My fianc has a very good credit history and when we received the application form in the post we were shocked to find that the APR we would have to pay was 14.2% which increased our monthly payment by 17%. Their maximum APR stated in the "Summary Box" online was 15.9%. Also, the website summary box states that the early repayment fee is "equal to one months's interest calculated on the balancing outstanding". When we read through the agreement, the cost of this was actually over £1000 when we thought it should be less than £150. When we telephoned to enquire about why we had the higher interest rate and about the early repayment, we were just told, that's what we are offering, we can't change it. Take it or leave was the basic message.