therach's Review of Cahoot www.cahoot.com
2nd Jan 2007
Overall Rating
- Value for money
- Content
Quick to apply
Immediate decision
Very flexible loan - bank account style
Low interest
Bad Points
No direct debit set-up
General Comments
Overall I have found using my Cahoot loan very simple.
I applied online and got an immediate decision. I then got the peperwork to sign and send back and I was all set. The money was sent quite quickly to my designated account.
As the loan is online I can check the balance of it whenever I like. You can pay as much or as little off each month by standing order as long as it's above the minimum of £50. I was a bit disappointed that a direct debit wasn't provided automatically to give you the option of paying off the whole amount over a specified period. I would recommend having a look at the website, I was refered there by moneysupermarket.com so looking there too is very useful.
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Members' Comments ontherach's Review
Leila1
on 6th Mar 2007
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Watch out! I took a loan out with Cahoot last year. It was my second loan with them as I like the flexible approach. However, this February they wrote and said that my 'Special deal' had finished and the interest rate shot up from 6.9 to 14.9%. I was not aware that it had been a special rate and as far as I remember, I did not sign any paperwork that highlighted this as a special rate and none of the small print mentions this. I am currently in dispute with them. I would ask them now if it's a special rate and read all the small print. I was luckily in a positon to pay off my loan but had I not been, I'd have suddenly been paying over £6.00 extra interest on top of what I was paying already.