Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Stuart_W
    • By Stuart_W 12th May 18, 2:41 PM
    • 1,400Posts
    • 673Thanks
    Stuart_W
    Co-op bank personal loans
    • #1
    • 12th May 18, 2:41 PM
    Co-op bank personal loans 12th May 18 at 2:41 PM
    A few months after withdrawing from direct-sale mortgages, Co-op bank seem to have now quietly withdrawn from personal loans completely.

    Seems like an odd move, would have thought these were profitable
    Looks like the new owners are continuing their streamlining (and shrinking) of the bank to work back towards profitability.

    Not aware of other personal banks that don't do personal loans
    Seems like an important key role of a bank.

    Just wondering what's going next. The clock is definitely ticking on my Co-op members credit card, or at least the cashback element anyway.
Page 1
    • zx81
    • By zx81 12th May 18, 2:52 PM
    • 18,600 Posts
    • 19,852 Thanks
    zx81
    • #2
    • 12th May 18, 2:52 PM
    • #2
    • 12th May 18, 2:52 PM
    I don't think they've been competitive on loans for a long time, and I don't think they have the risk appetite to go lower on rate.
    • antrobus
    • By antrobus 12th May 18, 3:51 PM
    • 16,019 Posts
    • 22,845 Thanks
    antrobus
    • #3
    • 12th May 18, 3:51 PM
    • #3
    • 12th May 18, 3:51 PM
    A few months after withdrawing from direct-sale mortgages, Co-op bank seem to have now quietly withdrawn from personal loans completely.

    Seems like an odd move, would have thought these were profitable...
    Originally posted by Stuart_W
    Don't know. I have no access to their management accounts.

    But it's not necessarily a question of them not being profitable; they might be less profitable than the alternatives.

    Looks like the new owners are continuing their streamlining (and shrinking) of the bank to work back towards profitability.

    Not aware of other personal banks that don't do personal loans
    Seems like an important key role of a bank.

    Just wondering what's going next. The clock is definitely ticking on my Co-op members credit card, or at least the cashback element anyway.
    Originally posted by Stuart_W
    Well, the new owners have to do something. The bank made an operating loss of 234m in 2017. Granted that's less than the 477m loss in the previous year, but it's not the sort of thing you can carry on doing.
    • Stuart_W
    • By Stuart_W 12th May 18, 7:55 PM
    • 1,400 Posts
    • 673 Thanks
    Stuart_W
    • #4
    • 12th May 18, 7:55 PM
    • #4
    • 12th May 18, 7:55 PM
    I don't think they've been competitive on loans for a long time, and I don't think they have the risk appetite to go lower on rate.
    Originally posted by zx81
    I think that's about right. They've obviously decided keeping uncompetitive loans for existing customers isn't worth while. The days of your first port of call for a loan being your own bank are long gone I suppose (well definitely gone in my case!)

    I wouldn't be surprised if a total withdrawal from branches is next - which might sound dramatic but with no loans or mortgages to arrange in branch, not actually much any branch can do that a post office can't.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,663Posts Today

8,044Users online

Martin's Twitter