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Your home is not required as security for a personal loan but to qualify for a Co-op loan you must have a minimum annual income of £10,000. Providing that you meet the bank's criteria, you may borrow any amount between £2,000 - £25,000, spreading the payments over any period ranging from 12 months to seven years.

The Co-op loan is offered in two interest rate bands, loans of between £2,000 - £2,950 attract a much higher APR than lows of £3,000 or more. Although the Co-op quotes a typical APR for its loan rates, the exact interest rate you pay will depend on your credit rating.

Unlike most financial institutions, the Co-operative Bank operates under ethical guidelines. You can be certain that the money you borrow in your Co-op Loan has not come from the profits of unnecessary pollution, human rights abuses or any other activity which conflicts with the bank's strict ethical policy.

Although you do not have to bank with the Co-op to apply for a Co-op loan, if you do then you qualify for extra features on your loan. Existing Co-operative Bank customers may take advantage of the ability to arrange payment holidays on their Co-op loans.

The Co-operative Bank is part of Co-operative Financial Services, which was formed to bring together The Co-operative Bank, Co-operative Insurance Society (CIS) and smile under common strategic leadership.

Both The Co-operative Bank and CIS were first in their respective sectors to introduce corporate social responsibility programmes with fully audited triple bottom line (social, environmental & financial) reports in the UK. The Co-operative Bank's ethical policy was established in 1992.

You may have strong ethical feelings yourself. However, that doesn't necessarily mean the Co-operative Bank Personal Loan will be right for your circumstances.

It is always a good idea to shop around before making your decision; to make sure you are choosing the right personal loan for you, you should use a comparison tool like Moneyextra's Personal Loan Search.