Cheap Credit And Silly Names

Banking and Borrowing

28 April 2006 | 0 Comments

Find out what the cheapest personal loan on the market is and check out some lenders' silly names.

Completely glossing over the fact that we're a website offering personal finance and investment commentary called 'The Fool', it's interesting to see the inappropriate names of some other websites. It's no different for online banks and lenders. Here are some of the top lenders at present, complete with their silly names.One lender is called Cahoot, which I think is a fantastic name. It means to go into partnership or into league with someone. However, these days it's usually used to imply seedy goings-on, as TheFreeDictionary.com explains:"&in modern usage often used to imply that the joint effort is unethical, shady, questionable, or illegal; as, a shill in cahoots with a pickpocket, to serve as a distraction."The best bit about that dictionary entry is that Cahoot loans are advertised above this definition! But, to the serious side of things, Cahoot offers a good rate of 5.8% APR (annual percentage rate). As APR can be calculated in different ways, I'll clarify the cost. On a loan of £5,000 spread out over three years you pay £151.32 per month and the total amount repayable (TAR) is £5,448.Northern Rock would be funny if there was a famous, old, fat '80's wrestler from the North who I could perhaps contrast with WWE's 'The Rock'. But there isn't so it's not and, therefore, Northern Rock will never get my business.But no seriously, they do have an excellent rate of 5.6% APR. For that loan of £5,000 over three years, you'd pay £150.89 per month or £5,432 TAR.Get money back from a bank? Don't make me laugh! But that's what Moneyback Bank claims. The truth is, you need to take out personal loan protection to get up to £350 back, but that just shows how expensive the protection must be.Ignoring the gimmicks, however, the Moneyback Bank rate is currently the lowest out there at 5.5% APR. For the same loan as above, you pay £150.68 each month and the TAR is £5,424.Why did I bother with all the different rates and not just write about the top one? It was to compare some top rates naturally, and to give you choice other than cost, and to share the joke about the names. If you fancy a laugh, for more names and comparisons, see our loans centre.

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