A direct lender founded more than 145 years ago, The Co-operative Bank is often associated with an ethical and community-focused approach to banking. It can offer businesses a variable-rate loan, commercial mortgage, charge card or overdraft facility.
See how much it'll cost you to take out a The Co-operative Bank loan
Use the fields above to estimate business loan costs.
Please note this calculator provides illustrative estimates only.
This tool is designed to help you estimate the monthly and overall costs of borrowing . You can adjust the duration of the loan and the interest rate to get a better idea of what would be affordable. Our calculations assume that any fees involved are bundled in with the loan amount and repaid over the same term, at the same rate. Refer to your loan agreement for exact repayment amounts as they may vary from our calculations.
How does the Co-op compare against other popular business loans?
Key features of Co-op Bank variable-rate business loans
Borrow £25,020 to £30,000,000.
Repay over 1 to 25 years.
Variable interest rates which track the Bank of England Base Rate.
Arrangement fee (typically 1% percent of your loan amount).
Security against an asset or assets is usually required and incurs an additional fee.
Not available for residential property development or investment, pension funds, or to businesses based outside of the UK.
Decisions usually within 10 working days.
Am I eligible?
You should only apply for a variable-rate business loan if you’re certain you can meet the repayment terms. You and any other key parties must also:
Be 18 years or over.
Be a UK resident.
Be an account signatory with authority to borrow on behalf of the business.
Hold a business current account with The Co-operative Bank.
Require the lending for business use.
The interest rate you are offered will depend on factors like the amount you apply for, the term of the loan, the performance of your business and its credit rating. This may differ from the advertised “Representative APR”.
How can I apply?
Download the application form for your chosen finance option from The Co-operative Bank website. If you’re unsure which loan option is right for your business, you can call to speak to a personal adviser who will help you decide.
The form will ask for detailed information about you and any other key parties, as well as your business. Make sure you have signed the declaration before submitting your application.
You can expect to receive a decision from The Co-operative Bank within 5-7 working days, depending on the credit option you have chosen.
Customer reviews
The Co-Operative Bank has a score of 4.2 out of 5 stars based on over 9,500 reviews, giving it a “Great” rating (updated July 2024). Users positively commented on the bank’s great customer service and expertise, however some have experienced issues with the app.
Frequently asked questions
Yes, like all responsible lenders, The Co-operative Bank will perform a credit search on you, any other key parties and your business. This will leave a permanent footprint that other future lenders will be able to see.
Once you have received a decision, you can expect the money to be funded within a few hours.
Yes, you must already hold a business current account.
Yes, The Co-operative Bank does charge extra fees in a variety of circumstances. These include fees for asset security, administration and late payments. Always check which fees would apply to your loan before you agree to take it out.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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