Cobra Loans

Are you considering a loan with Cobra Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Cobra Loans loan for you in this loan guide.

About – Who are Cobra Loans?

Cobra Loans is a registered trading name of Ready Money Capital LTD, a credit broker registered in the UK. They offer loans with a very easy online application process. The company were established in 2018 and are based in Exeter.

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What are the key features of a Cobra loan?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of the type of loan you coulk secure through Cobra Loans:

APR

Minimum APR: 49.9%
Maximum APR: 1333%

The APR for the loan is advertised at 49.9%. This is a best case scenario. Depending on your individual circumstances, the APR could go up to 1333%.

Loan Amount and Repayment Period

You can borrow between £100 and £300 £5000.

The loan repayment period can be between 1-36 months.

Example

Here’s the representative example that they give on their website:

£250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed).Representative 669.35% APR (variable).

Information correct as of 01/04/21 (Cobra)

How do I apply for a Cobra loan?

You can apply for a Cobra loan online. Once you have submitted your application they forward it to be considered by their panel of 20+ lenders.

You will usually receive your funds the same day.

Cobra Loans Loan Review

Will I be accepted for a Cobra loan? 

Cobra will assess you based on certain criteria. See if you qualify:

  • Age: 18+
  • Residency: UK resident
  • Income: You must have a regular income
  • Bank Account: UK bank account

Information correct as of 01/04/21 (Cobra)

Cobra Loans Reviews

It’s important to see how other customers have rated their experience with Cobra. Take a look at their up-to-date reviews here.

Trustpilot review

Information correct as of 14/06/21 (Trustpilot)

How to complain about Cobra?

Should you need to make a complaint about Cobra, then you can use the details below to either write to them or call them.

Stuart Smale
Ready Money Capital Limited
Woodwater House
Pynes Hill
Exeter
Devon
EX2 5WR
UNITED KINGDOM
442087206693
[email protected]

If Cobra does not respond to your complaint then you should contact the Financial Ombudsman Service. They might be able to handle your complaint.

Information correct as of 01/04/21 (FCA)

Loan interest and other charges

Price caps were finally introduced by the Financial Conduct Authority to keep loan companies in check and prevent them from charging excessive fees to borrowers. These include:

  • 0.8% cost cap per day on the value of the loan borrowed – including interest and fees.
  • £15 default fees cap
  • Complete cost cap 100%

These limits are applicable to credit agreements with an interest rate of 100% or more a year and that will be fully or substantially repaid within a year.

In May 2017 there were additional regulations enforced. Lenders must now give details of the products they supply on a price comparison website which is authorised by the FCA and they must provide borrowers summary of the cost of borrowing.

Continuous Payment Authority and the Legislation

In most cases, you will have been set up on a Continuous Payment Authority (CPA). This might not be something you are familiar with, but you should know that this means the loan company can take payments from your account.

There are new regulations in place which help protect borrowers. These regulations mean that lenders cannot try to take the payment if the CPA fails on two occasions. They can also not take partial payments, only full payments, unless given permission to do so.

What if you can’t pay back the loan?

If Cobra Loans UK have been informed that you’re struggling to pay back the loan, they must help you.

The law states that lenders have a responsibility to:

  • Provide information on the best places to get free debt advice.
  • Allow you to develop a repayment plan, which suits your financial situation.
  • Freeze interest and charges where relevant.

Continuous Payment Authority – know your rights

You may not have heard of this before, but chances are your loan is part of the Continuous Payment Authority (CPA). This means that companies can try and take the money you owe from your account.

You should be aware of the regulations which are in place relating to CPA. According to these, if a payment fails twice, the company is not permitted to try and take the money again.

They also do not have the right to take partial payments.

Company information:

After researching Companies House and their website, we found the following information about Ready Money Capital Limited, of which Cobra Loans is a trading name:

Date of incorporation: 19 January 2018
Company status: Active
Company number:11158988
Company type: Private limited Company
Website: https://www.cobrapaydayloans.co.uk/
Address: Woodwater House, Pynes Hill, Exeter, Devon, United Kingdom, EX2 5WR
Phone number: +442087206693

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 802557
Trading names: 
happypenguin.com
emu.co.uk
cobrapaydayloans.co.uk
Place of business: 
Ready Money Capital Limited
Woodwater House
Pynes Hill
Exeter
Devon
EX2 5WR
UNITED KINGDOM

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: ZA441875
Data controller: Ready Money Capital Limited
Address:
Woodwater House
Pynes Hill
Exeter
Devon
EX2 5WR

Information correct as of 01/04/21 (ICO register)

Where are Cobra Loans located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

Address:
Woodwater House, Pynes Hill, Exeter EX2 5WR

Get help with your debt

These are some of the organisations who provide free debt help:

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

About the author

Scott Nelson

Scott Nelson is a financial services expert, with over 10 years’ experience in the industry, including 6 years in FCA regulated companies. Read more
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