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Cahoot Flexible loans
nomoneytoday
Posts: 4,866 Forumite
in Loans
Hi - Years ago I had a Cahoot flexible loan facility, which I believe has now ceased.
Does anyone know if such a product exists nowadays (with non sub-prime rates) ?
Does anyone know if such a product exists nowadays (with non sub-prime rates) ?
0
Comments
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I guess there doesn't...
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How did the account work?
HSBC have a flexiloan, works with their current account at overdraft rates but you pay back a set repayment each month. You can overpay or re-borrow at any time.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
The Cahoot flexible loan is well documented on MSE.
the "flexible" rate commonly went from 6% to 9% to 12% to 16% and so on whilst base rates were dropping like a stone.
So bad was it, that many many people simply could not sustain the repayments as they rocketed month after month.
Quite why that same loan facility would exist today, bewilders me.
I'm sure such a loan would not be availble today, maybe the one Tixy has mentioned is structured more robustly to protect the borrower.0
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