Cutting the rate from 5.8 per cent will make it easier for those people looking to get their financial footing in 2006.

The cahoot loan means when borrowing £5,000 to £20,000 customers will receive an APR of 5.6 per cent. Customers can view their balance at any time online and there are minimal early redemption penalties which are the maximum of one month’s interest.

Customers can apply online at the cahoot website and instant decisions are available.
Commenting on the loan John Goddard, managing director of cahoot said: “The beginning of the year is an extremely popular time for people to take out loans, for everything from consolidating existing debts to making the most of the January sales.

“Our new loan rate makes cahoot one of the cheapest places to borrow money, so customers can get a great deal on their finances.”

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