Cahoot

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Cahoot is a division of Abbey National plc., a registered company in London, England. Cahoot is an internet bank, which is now part of Grupo Santander of Spain—it was launched in 2000. The features and proper functionality of the bank made it very popular among the masses, and by the end of end of 2004, it had around 650,000 customers. Cahoot is located in Coventry.

History

The launch of Cahoot bank was marred by some technical issues that prevented many prospective customers accessing the website, as obviously can be expected with any online business. As a launching pricing strategies, Cahoot offered interest free overdrafts and credit cards to its first 25,000 customers, which naturally took the crowd off its feet!

In November 2004, some security problems also occurred with the customers’ statements and balances, which could be accessed without going through security procedures. However, the bank was quickly notified about this problem and they rectified the problem quickly!

Loans offered by Cahoot

One of the many products offered by Cahoot is loans, which are of two types—flexible loan and fixed rate loans. Both types of the loan products are offered for the needs of different customers who come from different walks of life. Flexible loan is suited for people who have variable income and outgoings. Fixed rate loans of suited to people who can provide fixed repayments for the loan. It all depends upon the choice of the customers, and the resources that he or she may have to repay the loan. Fixed rate loan also offers the feature of repaying the loan over a wide range of years, which can be pre-determined by the customer itself.

Flexible loan offers a benefit, as the customers need to pay the loan on the outstanding amount of the loan, and not on the whole amount—this allows to reduce the amount of interest over the life of repayment of the loan, and customers feel happy each time they reduce their repayment amount!


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