Cahoot Flexible Loan

Jessiepig

Is this a bad thing. I have one at 6.9% but nowhere did it say that this was only for a year. I like the idea that I can pay small amounts on lean months and large amounts on good months.
It is for £8500 and I have the chance to get a £5000 loan from Mint.
Should I do this and reduce Fles loan.
Any help welcomed

grumbler

What APR do you 'have a chance to get' from Mint?
Mint loans are 6.2% APR typical for amonts £10K+. I have doubts that you will get APR lower than 6.9% on £5K. In this case what's the point in using 6.9%+ inflexible loan to repay 6.9% flexible one?

Jessiepig

The mint loan is 6.2%. A special offer for card holders.
Its really about the bad press I had heard about the Flex loan. So just wanted some advice

grumbler

0.7% difference on £5K is £35 p.a. You decide whether it is worth sacrificing flexibility for this price. 'Bad publicity' matters when you put your money somewhere. When you borrow only APR matters IMHO.

Jessiepig

Thank you.If the apr on the flex loan is only for year which I will have to wait and then I think I will pay as much as I can till next April and review the situation.
I thought that was best but just needed someone to confirm it.
Thank you again:T

lynzpower

Cahoot seem to have a rule of thier own in applying interest charges. My OH had 6.1% or something for a year. Hes now lumbered with 10.4. Hes shifting it though, obviously.

Jessiepig

Yes thats what I think will happen but have until next April

ab7167

It's funny this one, but I have had a Cahoot flexible loan for well over a year now, and the interest rate has not gone up from the original 6.9%. When I phone Cahoot they pretend to have no idea what I'm talking about when I ask when the interest rate is going up. I'm trying to pay it off as quickly as possible before they decide to! And will they send me an email to tell me it is going up so I can move the loan somewhere else?
Ali

Jessiepig

I never read or was told it was just for a year but if you look under loans on this site is says that the cahoot rate is introductory for a year.Maybe the information her is out of date

lynzpower

ab7167 wrote:

It's funny this one, but I have had a Cahoot flexible loan for well over a year now, and the interest rate has not gone up from the original 6.9%. When I phone Cahoot they pretend to have no idea what I'm talking about when I ask when the interest rate is going up. I'm trying to pay it off as quickly as possible before they decide to! And will they send me an email to tell me it is going up so I can move the loan somewhere else?
Ali

nope they didnt tell my OH at all when his rate went up, no email no nothing :mad:

ab7167

Yup, I never read that it was an introductory offer when I signed up, but people on this site who had theirs before me have had thier interest rate upped, so I guess mine would be. I can think of no reason why they would have made an exception for me, apart from I pay off about 6x the minimum every month? Wouldn't this mean that they would put it up asap to make more money before I pay it off though?
Ah well, on with the overtime and the overpayments before they catch up with me :-)

Ali