Personal Loan from bank...Is there a cooling off period?

HarryBoy_3

Hi

To help sort out an overdraft my bank arranged a personal loan of £3k. The rate is awful (some 21% apr). I know I might seem mad accepting that but I needed something quick as I was over my overdraft limit with £15 a day charges and 3 weeks till next payday.

Someone told me there's a "cooling off period" where I can cancel this loan. I've had a quick look at the loan's small print and it seems because I signed it on the bank's premises ( I mean where else would you sign it?!) I don't have the right to cancel.

Does anybody know?

I arranged this loan last Friday (7th Aug) so figure I have maybe a few days to cancel this loan and possibly arrange one elsewhere.

Cheers!

clarence83_2

21% isn't that bad really, even to get accepted for any loan in the current climate is good news- and you are more likely to get a better deal from your bank. I doubt you would find it that cheaper elsewhere, especially as you will now have a search on your credit file and therefore this will have decreased your score somewhat.