Co-op Loans Review | www.co-operativebank.co.uk
Address: 1 Balloon Street, Manchester, M60 4EP.
Branding: The Co-operative Bank Loans. Also known as: Co-op Loans.
FCA Licence: 006110.
From: Co-operative Group Ltd.
Bad credit considered: Fair-to-good score required.
Manage: Co-Op Bank login provided via www.co-operativebank.co.uk.
Offers: Personal loans.
Pricing: £287.84/£10,000 (12) £558.32 (24).
Sums: £2000 to £25,000 (new and returning).
Terms: 12 to 84 months.
Notes: Co-op Loans has been titled since most product searches are conducted this way. The interest rate comes in at 5.4% APR. We usually aim to collect £1000 loan examples, but they of course start from £2000. Important: Applicants must have held an account with themselves or with Britannia for a month. They require agreement forms to be sent through the postal system and so it could be 5 working days before the payment is initiated. The head office has been referenced above. The actual correspondence address is however: PO Box 200, Delf House, Southway, Skelmersdale, WN8 6GH. The Group itself is based at the stunning One Angel Square building (Manchester, M60 0AG).
– Amounts: A potential £25,000 is available, but they start higher than most at £2000.
– Branches: The current banking branch tally is unclear. There was 324, but with known closures this number is now closer to 300. Regarding the Group, the tallies of 3500 and 4900 are commonly mentioned. 3500 would likely include their Food outlets (2700) and FuneralCare (800). The Food chain has actually since grown to 2800. The other markets catered would get closer to the total network size (4900) factoring Bank, Electrical, Travel etc.
– Experience: The Bank was formed in November 1872 with a series of name changes taking place over their history. The main organisation is rooted back earlier to the year 1844 through the Rochdale Pioneers Society. Spotting and attacking markets early has played a key role in their success.
– Operations: The phones are manned 24/7 and so there will always be someone there to help you out. The loan can be managed online with ease and so you may not ever have to drop them a call.
– Ownership: The Co-operative Group is the UK’s largest mutual business. They are owned by their members and there are over 8 million of these. It is clear that they are market leaders in the funeral planning space, but in all other sectors they could do much better. Much focus looks to be directed at their core business (Food) where they’ll be aiming to beat the major supermarkets with local convenience stores in volume. The future of the Group has of course looked uncertain in recent years through the potential collapse through the £1.5 billion black hole and the controversy with Paul Flowers that was very damaging.
– Profile: Banking is one such sector that you’d expect them to be competing more aggressively in. There hasn’t been too much emphasis on advertising and the 5.4% rate at 10k is beaten by many of their competitors. 24/7 support is however a key service feature. This is also available with Smile that is an internet-only operation that they launched in 1999. The brand has also been supported by Britannia who merged back in 2009.
– Terms: Borrowing can be extended to 7 years that’ll help those looking to create a more manageable set of repayments.