Cooperative Loans

Are you considering a loan with the Co-operative Bank? 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 the Co-operative Bank for you in this loan guide.

About – Who are the Co-operative Bank?

Founded more than 145 years ago, Co-Operative Bank offers both personal and business loans. Co-Operative Bank currently has around half a million customers throughout the UK and describes itself as an ethical bank.

What are the key features of the Co-operative personal loan?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of the co-operative’s Personal Loan:

APR

Minimum APR: 5%

The APR for the loan is advertised at 5%. Depending on your individual circumstances, the APR could go up to 39.90%.

Loan Amount and Repayment Period

You can borrow between £1000 and £25000.

The loan repayment period can be between 1 – 7 years.

Example

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

A £4,000 personal loan over 3 years at 14.9% APR representative (fixed) with repayments of £136.65 a month. Total charge for credit will be £919.47. Total amount repayable is £4,919.47. Annual interest rate is 14.9% fixed.

Information correct as of 01/04/21 (Co-op)

How do I apply for a co-operative loan?

You can apply for a co-operative loan online. They will perform a soft credit check.

Will I be accepted for a co-operative loan? 

The Co-operative Bank will assess you based on certain criteria. See if you qualify:

  • Age: 18+
  • Residency: UK resident
  • Income: You must have a minimum annual income of £10,000

Information correct as of 01/04/21 (Co-op)

The Co-operative Bank reviews

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

Trustpilot review

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

How to complain about the co-operative bank?

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

Simone Fox
The Co-operative Bank
1 Balloon Street
Manchester
M60 4EP
UNITED KINGDOM
4403457212212
simone.fox@co-operativebank.co.uk

If the co-operative bank 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)

Were you looking for Cooperative Loans Login Page?

Were you actually looking for the Cooperative Loans Login page, but you’ve landed here instead? We’re glad we caught you before you disappeared! Have a look at this article for all the most important info about loans and the co-operative bank.

Government cap on loan interest and other charges

There is now a price cap which has been introduced by the Financial Conduct Authority to protect borrowers from facing excessive interest and charges. These include:

  • A cost cap of 0.8% per day on the value of the loan borrowed – this includes a combination of both interest and all fees charged.
  • A cap on default fees of £15 – interest may still be charged after a default, but it must not be more than the original rate of 0.8% per day.
  • A complete cost cap of 100% – lenders should not ask borrowers to pay more than 100% of the money borrowed.

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

There are other regulations which came into force in May 2017. According to these new regulations, lenders must give details of their products on a price comparison website, which must be authorised by the FCA and borrowers should always be given a summary of the cost of borrowing.

Continuous Payment Authority – what you need to know

Loan companies often request that the debt is paid using a Continuous Payment Authority (CPA), although you may not realise this. With a CPA, the lending company have the right to take money from your account for loan repayments.

There are new regulations which have been introduced. These new regulations mean that if the CPA fails twice, the company will not be able to make any further requests to debit the money.

There are also rules regarding the amount of money the lender can take from your account using a CPA. They are also not allowed to take any partial payments. If there is not enough funds in your account to take care of the full amount of the payment which is due, they are not permitted to take anything. You can agree with them to take partial payments if you desire, in which case they are permitted to do so. Otherwise, they cannot take partial payments.

What to do when you can’t afford to make payments?

In this scenario, the law states that lenders must:

  • Provide you with information on where to obtain free independent debt advice
  • Hold off debt recovery for a period of time to give you time to develop a repayment plan, which may include using a debt advisor
  • Give you reasonable time to make repayments, possibly freezing interest and additional charges.

Company information:

After researching Companies House and their website, we found the following information about the Co-Operative Bank.

Date of incorporation: 5 October 1970
Company status: Active
Company number: 0990937
Company type: Public limited Company
Website: http://www.co-operativebank.co.uk/
Address: PO BOX 101, 1 Balloon Street, Manchester, M60 4EP
Opening Hours: Monday to Friday: 8:00 A.M – 6:00 P.M, Saturday-Sunday 9 A.M – 5 P.M
Phone number: +4403457212212

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: 121885
Trading names: 
Platform
Smile Invest
Britannia
smile
Place of business: 
The Co-operative Bank
1 Balloon Street
Manchester
M60 4EP
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: Z5103801
Data controller: The Co-operative Bank PLC
Address:
PO Box 101
1 Balloon Street
Manchester
M60 4EP

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

Where are the Co-Operative Bank 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 headquarter location on a map.

Address:
1 Balloon St, Manchester M60 4EP

Getting debt help

There are a range of organisations that provide free independent advice on debt. Some of these include:

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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