Co-operative unsecured loan Q's before I buy

ro2778

found the answers thank you.

[Deleted User]

6.4% is incredibly cheap for someone without a confirmed income. I'd grab it, assuming you can afford the repayments both in the short and long term.

Apples2

6.4% for 10k whilst unemployed? Remarkable.
Are you sure this is a confirmed offer?

CLAPTON

ro2778 wrote: »

It's definitely a confirmed offer, I just double checked and all they require me to do is return the paper work. I was personally surprised by my bank's position, i.e., what you two are saying, that I'm unemployed therefore I can't have any money. In my mind I have a well paid, secure job lined up and I don't represent a high risk investment. But it seems only the co-operative bank agrees with me.

It does seem an unusually generous offer.

Is co-op your existing bank
What sort of job is it? NHS/teaching ?

Apples2

The plot thickens.....

rich_months

Apples2 wrote: »

6.4% for 10k whilst unemployed? Remarkable.
Are you sure this is a confirmed offer?

My thoughts exactly. There's something not quite right here.

OP - Check the T&Cs with an incredibly fine tooth comb. I wouldn't be too surprised to find a nasty sting in the tail to this product..

DCFC79

Apples2 wrote: »

The plot thickens.....

The plot thickens even more as the first post has now been deleted,

ro2778

There is no conspiracy, I just didn't want to leave personal information on a public forum. I found the loan was confirmed and got more detailed answers from family members.

The people here didn't attempt to answer a single question I asked and instead questioned the validity of my position. Therefore, I chose to remove my posts. Anyone searching this thread for answers to my questions would not have found them here so in essence the post became irrelevant anyway.

Apples2

What personal information?

If banks are now offering £10k loans at fantastic rates to unemployed people with a scant credit history, it suggests a step change in lending from the big banks.

Lots of others would be very interested to know if this were the case.

It simply doesn't stack up that in the new World of responsible lending, so much money would be offered to someone who cannot afford one single monthly repayment, let alone go the whole term with such a low risk of missing one.

What did your family know that we don't? I'm not disputing their knowledge, just interested in what they said to you.

We are trying to understand if your offer is "in principle" or not.

If you intend deleting your posts every time you have an answer (or not as is your opinion), you would be better of posting on CAG rather than this board. We are here to better educate ourselves and share our experiences with others.

I remain doubtful of your loan.

DCFC79

ro2778 wrote: »

There is no conspiracy, I just didn't want to leave personal information on a public forum. What personal information ? There was none as id read the thread earlier whilst at work and was going to reply later on to say well done.

I found the loan was confirmed and got more detailed answers from family members. So why ask here in the first place ?

The people here didn't attempt to answer a single question I asked and instead questioned the validity of my position. Everyone just said be wary as they could be a catch somewhere, in fact zx81 and Apples2 were supporttive of the chance of getting a loan when you aren't in employment.

Therefore, I chose to remove my posts. Anyone searching this thread for answers to my questions would not have found them here so in essence the post became irrelevant anyway.

I was actually thinking "wow a loan at a rate of 6.4 whilst unemployed, must have a good/bad bank"

antrobus

DCFC79 wrote: »

I was actually thinking "wow a loan at a rate of 6.4 whilst unemployed, must have a good bank"

I was actually thinking "wow a loan at a rate of 6.4 whilst unemployed, must have a very bad bank"