Cahoot loans are different: the flexible loan promises a typical APR of 6.8% whether you borrow £1,000 or £15,000. Rather than traditional borrowing it's better to think of a Cahoot loan as a kind of virtual credit card – rather than a big cheque, you're given a credit limit.
About Cahoot Loans
6.8% APR no matter how much you borrow? Well, sort of. Cahoot loans promise that the quoted APR will be offered to most customers, but whether you qualify depends on your credit rating and the amount you want to borrow.
Cahoot loans are more like credit cards than traditional loans: instead of a big cheque, you get a credit limit. You can pay a minimum payment when you're broke and pay stacks of cash when you're flush, and the firm promises that you'll get the same rate whether you've borrowed £1,000 or £15,000. Best of all, you're only charged interest on the amount you actually borrow – so if you've only used £3,000 of a £15,000 flexible loan, you'll only be charged interest on the £3,000.
Realistically, Cahoot loans won't give you the 6.8% APR if you're a financial disaster area or if you're borrowing a few hundred pounds. However, if you're looking for an average-sized loan and you've got a good credit rating then Cahoot's unusual idea is well worth a look.
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