An AA Personal Loan might help you make your dreams a reality, whether you’re beginning a home improvement project, planning a vacation, or consolidating current debt.
Bank of Ireland UK provides AA Loans. AA Financial Services Limited is not a lender but rather a credit broker.
While many people associate the AA (theAA.com) with breakdown assistance, the UK corporation also provides various other services, including savings accounts and life insurance and conveyancing services, to assist consumers in purchasing a new house.
The AA offers a variety of unsecured personal loans to its clients, enabling them to borrow a lump amount of money that may return over a predetermined period. Continue reading our AA Loan complete review here.
Personal loans from AA are unsecured, so you will not be required to provide security in the loan agreement. There are no arrangement costs with AA personal loans for bad credit, making them possibly more inexpensive than loans from other banks or lenders.
The loan has a fixed interest rate that will not fluctuate during the loan’s term, regardless of the Bank of England base rate, so you can forecast precisely how much you’ll need to return each month, making budgeting for your loan straightforward and uncomplicated.
Aa Loans Review
Why AA Finance rather than a traditional lender?
Banks are hesitant to provide you with more than one loan in four years. There are exceptions, but most people or couples with middle incomes only receive one shot every few years.
Lending from a secondary finance firm, such as AA eliminates the need to borrow from your bank, leaving the bank option available for a rainy day.
The Benefits of an AA Loan
Interest rates are low and set at 3.1 per cent for a personal loan of £7,500 to £25,000 over 1 to 5 years (at six-monthly intervals). Representative APR (keep in mind that the longer you borrow, the more interest you’ll pay)
- For the life of the loan, your monthly payments are set.
- There are no plans in place (setup) fees.
- You may make an extra payment to pay off your loan early without a penalty charge.
- Online application form with fast judgement in 2 minutes
- One AA automobile loan is an example.
After you’ve been approved for a personal loan with the AA, pay close attention to your provided interest rate. The rate shown in the sample below is subject to vary after application and is determined by evaluating your unique circumstances, loan amount, loan term, and credit score rating.
- The loan amount is £8,000
- Duration of the loan: 36 months
- £232.85 per month in payback
- Total interest paid over 36 months: £382.60
- £8,382.60 return in total.
- 1 per cent APR
- AA Loans’ Affiliate Program
- Affiliate Program for AA Loans
Loans from AA
AA Loans provides unsecured loans that may be used for debt consolidation, automobile purchases, house upgrades, and other purposes. The current rate is 3.3 per cent (effective June 23, 2020) and is issued by the Bank of Ireland UK.
- The loan’s monthly instalments are set for the duration of the loan.
- Spread the payments out over one to seven years.
- There is no expense setup or arrangement.
- Other loan amounts and terms are also available. The loan amounts range from £1,000 to £25,000, with repayment periods ranging from one to seven years.
- If you want to apply for an AA Loan, you must meet the following criteria:
- Should’ve lived in the UK for at least three years.
- You must be at least 21 years of age and no older than 70 years when the loan term finishes.
- Have a salary of at least £12,000 each year (gross). If you are self-employed, you must have been in business for at least two years before applying.
- Have a bank account in the United Kingdom that can process direct debits.
- You should ensure that they can afford the payments since late ones result in fees and may make it more difficult to get future loans.
Strength and dependability of the AA Loans
The AA has been making loans for over two decades with a 30-day grace period.
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Providers must use the following terminology
AA Loans are offered by the Bank of Ireland UK. It is not a lender but a credit broker, AA Financial Services Limited.
APR of 8.9% is considered to be typical. Monthly repayments of £126.37 and a total of £4,549.32, including £549.32 interest, are based on a loan of £4,000 over three years.
The rate and fee you are offered will be based on various factors, including your specific financial situation and credit card rating. The maximum annual percentage rate (APR) is 29.9%.
The Statement of Lender and Borrower Responsibilities, Important Information, and Terms & Conditions should review before submitting your loan application.
The Bank of Ireland (UK) plc provides AA Loans. Because it is the loan provider for AA Financial Services Limited, Bank of Ireland (UK) plc is permitted to use the “AA” brand name. APR stands for annual percentage rate. The overall cost of the loan, including fees and interest, is represented as a percentage. You may obtain a different APR than the one shown in this example.
Drawdown loans incur a £50 fee.
A Secured Personal Loan is a loan that leverages the automobile you own as collateral. We may give you a lower interest rate since we have this collateral against your loan.
This security is registered to us for the length of your loan to cover the cost of the loan if you are unable to repay it. Customers who take out a personal loan from the AA may also take advantage of special rates on other AA products, such as a year of free AA Breakdown Cover.
Existing AA members who take out a personal loan will also get a 50% discount on their Breakdown Cover.
Fill out the fast online application to obtain an immediate decision on a personal loan from the AA. Above is the complete review of the AA Loan in the UK