Should I stick with Cahoot Loan?

Elven_Princess

This loan acts like a line of credit. The account has an available amount in it (£9000 in my case) which you can "withdraw" and put into your current account to use in anyway you like. the best bit is yu can make as many payments back into it as you want and even pay it off fully. The account just sits there saying you have £9000 available.

I like the flixibility of this loan and have just maxed it to help pay off a Tesco credit card with an interest rate of 14%. I think the cahoot rate is about 6.9% at the moment (VARIABLE).

Should i stick with this loan or search for a cheaper rate that has a fixed payment schedule?

DebtEverest

It depends on what interest rate is actually on your flexible loan.

Even though Cahoot advertise the 'typical' rate to be 6.9, you may not actually have that rate. (My rate is 8.5% i think on my cahoot flexible loan).

If you have the 6.8% rate, then I would probably stick with it.

I too like the idea of the flexibility, and it is just like having a credit card.

Elven_Princess

I'll check out the actual rate they are charging. Thanks for the tip.