0% loan until 1st March - stoozing alternative?

Reaper

According to todays Sunday Times Cahoot are offering a loan up to £20,000 at 0% until March.

There are no penalties for paying it off early and the minimum monthy repayments are only 1.75% (£50 min).

This compares favourably with credit cards used for stoozing, athough the interest free period is only 5 months.

After the free period the interest rate becomes 6.9% (or more depending on your credit score). However I just intend to stick the money in a high interest account for 5 months and then repay it.

There is only one problem - I can't find the offer advertised. Can anybody else spot it?

smartsaver

It's in the Sunday Times Money section

mikmikmik

Do you think this is for existing customers too ?

i have an open a/c that I haven't used.

Robert_Sterling_3

As a round figure you would make £400 on this if you play your cards right.

It sounds to good to be true,

I have now read the article by Jessica Brown in the Sunday Times.

Some applicants will not get £20,000

Will any one get £20,000?

King_David_2

Martin Lewis, owner of this site, has posted just under 4000 times. He registered his username on 01/01/01.

Mr Shilling has posted nearly half of that amount and registered in September 2004.

Martin Lewis's posts help people.

Mr Shilling's very, very rarely help people.

Am I the only one who is thinking this?

MarkyMarkD

This is easy to find - go to https://www.cahoot.com, and click on "low loan rates" on the left hand side, then "flexible loan" on the right hand side (where it shows the 0% rate until March 2005).

I have just applied and been approved for £9k!

I am already set up on cahoot as a customer as I had one of their credit cards when they were doing the 5% rebate thing a while ago.

I will try to transfer the credit limit from my dormant credit card to the 0% flexible loan and let you know how I get on with that!

Thanks very much for the idea.


Edit: update - well, b***** me! Mrs MMD has also been approved for £9k. And she earns? Er £3k pa. And I earn? Er more than 10 times that much. I'm not sure what logic is being applied to these credit limit calculations. But £9k+£9k is £18k more than I had available at lunchtime!

Reaper

Ah, they have updated their web site. Earlier in the day the bit saying "0% pa until 1st March 2005" was missing.

Must go - I have a loan to apply for...

Martinslovechild

This compares favourably with credit cards used for stoozing, athough the interest free period is only 5 months.

Reaper,

The 0% expires on 1st March 2005, so it's only really 4 months interest-free.

Also - in answer to Robert_Shilling, i've got a £20,000 flexible loan facility with Cahoot which i've had for a couple of years now (and hasn't been used for a couple of years either!!) - however, it very much depends on your credit rating blah blah blah...

Reaper

The 0% expires on 1st March 2005, so it's only really 4 months interest-free.

So it is. I can't count!

They gave me £13,500 which I'm quite happy with seeing as I'm stoozed up to the eyeballs with credit cards already. Shame it's only 4 months, but it all helps.

MarkyMarkD

Well done! So what are we doing wrong? I think I ought to close some of my obsolete credit card accounts.

shonky_aussie

I've heard on the grape vine that Cahoot have only a certain amount of dollars to go around for this deal and that at the worst it will close the offer on 31/11. ie if you are thinking about doing this deal then get in quick.