Co-Operative Bank Loans

273 reviews

4.9% Representative

Will lend between: £2,000 - £25,000

Over: 12 - 84 Months

Representative example: Representative Example: If you borrow £7,500 over 60 months at a Representative rate of 4.9% APR and an annual interest rate of 4.87% (fixed), you would pay 60 monthly instalments of £140.83. The total charge for credit will be £949.80 and the total amount payable will be £8,449.80.
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Co-Operative Bank Loans customer reviews.

273 reviews

1.9 out of 5 stars

Too much faith in Coop
14:49 17-03-2012
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I took a 3 yr loan out with the Coop and it's the worst thing i have ever done. I changed my bank account details 2 years into the loan and gave them my updated details for the new account. I received a letter and penalty payment from them a month later. They told me that i had defaulted on my loan payment. I explained that i had given them my new details but they never recorded it. Again, on the phone, i passed on all my new information. A month later i received another demand and a penalty notice. I ended up borrowing the money from my parents to pay off the loan and get them off my back. Now my credit rating is affected but at least i am rid of them. Stay clear of the Coop!!!

Stephen Brady

Very good
20:40 17-09-2017
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It was very easy to set up. And good customer support.


realy happy with co-op
00:57 25-01-2012
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i got realy good expirence with co-opretive bank

m hussain

Very Long Wait for Payout with the Career Development Loan
14:55 16-11-2011
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I decided to approach the Co-op Bank to apply for a Career Development loan after hearing of contemporaries who had done the same, and who had in the most part received very friendly and efficient service. Unfortunately, this year myself along with quite a few other students I have spoken to have had real problems with the sheer amount of bureaucracy involved and the unreasonable amount of time between the initial application and the payout. It has now been over three months since I applied for this loan, and a friend of mine is in exactly the same situation, really struggling to make ends meet in the mean time whilst trying to knuckle down and focus on the Postgraduate course in hand (which was by no means a cheap endeavour in the first place). I phoned today, and although the people on the phone have been polite whenever I contact them they have always given me a rolling statement of 'oh you should receive this or that in the next week'. This has been happening week after week. I know that the service the Co-op provides in terms of the Professional and Career Development Loan is invaluable, especially now that the Royal Bank of Scotland no longer provides it and Barclays is now the only sole alternative option. However, is it to be the case that students are in a constant financial struggle throughout the first half of their postgraduate courses before they receive even a whiff of the help and relief a loan can provide? When they have monthly repayments with a high interest rate to look forward to after their course finishes, surely it is only fair that they receive their loans in time to really help them in their studies? Needless to say, I am extremely disappointed with the Co-op and would recommend others to perhaps try Barclays as they have a lower interest rate, and may actually provide you with a loan while your course is still commencing.


Happy with service
01:04 08-11-2010
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I've been with the Co-op bank for just over a year now having switch from First Direct and so far they have really been a pleasure to deal with. The call centre staff have always been friendly and helpful and never try to cross sell any of their other products as a parting shot. Yes, I agree the online banking could do with some modernisation but all the essentials are there and it's simple to use. What's more I found it to be 100% reliable. Far better than some jazzy, all singing and dancing system that never works


no different to the other banks
09:37 03-11-2010
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i bank with the co-op whenever i call they are not very helpful unless you want to buy another credit card or loan, their knowledge is shaky and i'm sure i've spoken to teenagers before now who didn't know what an overdraft was when i asked. The length of time i've had to wait to speak to an operator is unsatisfactory and then you are transferred to another department because you've rang the wrong one. They are only interested in your money so they are not different to any other bank i've been with just worse service.


I like going in and talking to someone
09:40 27-10-2010
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I decided to go with Co-Op as I liked the idea of going in and talking to someone about my finances instead of doing it all on-line. But, the staff weren't helpful or friendly and made the process seem a lot harder than it should have been. The APR rates are fixed which is nice but when I received my documents it was a different APR than advertised.


£25 courier fee
09:38 27-10-2010
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I chose the quick advance payment of £25 and to be fair it was really quick. But, if I hadn't have paid for it then my money would have taken ages. Another thing they are missing is payment holidays, unfortunately they don't offer any.


Our review of Co-Operative Bank Loans

My first thought is that the Co-operative website is really clear about its range of payment options. You can easily see the various loan amount bands, representative APRs and loan repayment terms. This quick reference guide will be really helpful to those who are researching loans and want to get an overview of their options.

The online application is a lot longer than most lenders in the market, they need a lot of detail about your financial circumstances to make a decision about your loan. In some ways this can boost confidence in the Co-operative as a lender as it suggests they take time and care over each of their customers’ applications.

You would think that having been around for such a long time, and being so well known, that the Co-operative would have glowing reviews online. However, this is not the case. At the time of writing this they only have a rating of 2.7 out of 10 with 46% of reviewers giving them only one star. The majority of the negative reviews seem to centre around their disorganisation – they’ve got customer details wrong, their updated online system caused havoc and seem to be poorly managed. Of course, not all reviews are bad, but it is worth doing some investigating into this if you do decide to go with them.

Overall verdict: The Co-operative don’t offer anything groundbreaking in terms of personal finance, but they are informative and make the process really easy to understand. The poor reviews online are a shame and hopefully they’ll be able to take steps to improve.

Written by: Alex


  • Easy to use and detailed website
  • Low interest rates
  • Fixed monthly payment to help with budgeting
  • Call centres open 24 hours a day, 7 days a week

Minimum criteria

  • You must be aged 18 or over
  • You must be a UK resident
  • A Co-operative Bank or Britannia account holder for at least a month
  • No CCJs
  • No more than three missed credit payments in six months


  • Maximum APR 20.9%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

About Co-Operative Bank Loans

The Co-operative Bank offer personal loans between £2,000 and £25,000 to be repaid over one to seven years. Their advertised representative APR is 4.9%, but this only applies if you’re looking to borrow from £7,500 to £14,950. Dependent on how much you look to borrow, rates can range from 4.9% to 21.9%.

To apply you will need to be a Co-operative Bank or Britannia customer and have held an account with them for at least one month. You will also need to have a good credit history – you must not have missed more than three payments on any credit agreement for the six months before applying and you can’t have any CCJs. If you’re unsure then check your credit report before applying to prevent being declined.

The online application takes around 10 minutes as long as you have all the information to hand, including your previous addresses for the last three years, information about your income and outgoings each month and details of your Co-operative Bank account . Once this has been completed then it should take one or two days for them to get back to you and let you know if there are any other checks that need completing. If you are declined then your Co-operative Bank account will have a note put against it. In this case avoid applying for the same loan again as this will have a negative effect on your credit rating.

Company information

Registration number: 990937

08448 44 88 44

Po Box 101, 1 Balloon Street, Manchester, Greater Manchester, M60 4EP

FCA registration

Reference No: 121885

Trading names: Smile, Britannia, Britannia Mutual, Britannia Simple Mortgages

Place of business: 1 Balloon Street, Manchester, Greater Manchester, M60 4EP

Data protection registration

Registration No: Z5103801

Data controller: The Co-operative Bank PLC

Address: 1 Balloon Street, Manchester, Greater Manchester, M60 4EP

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