|Loan type||Unsecured personal loan|
|Loan amounts available||£1,000 – £25,000|
|Loan terms available||12 – 84 months (one to seven years)|
|Age eligibility requirements||Minimum 21 years old, no older than 70 years old at end of loan term|
|Access for lower credit scores||Low chance of approval. CCJs or bankruptcy statuses in credit history not accepted|
|Chance of acceptance available||No|
|Loan pay out time after approval||48 hours|
|Early repayment options||Yes, with potential fees|
Who is AA?
AA may be well known for their vehicle and roadside services, but they’re also well versed in the world of finance. They’ve been recognised with awards in finance and lending, and at Freedom Finance we can help you see if they are the right choice for you for a personal loan with a quick soft search.
How much can I borrow with an AA personal loan?
Loan amounts offered by AA range from £1,000 up to £25,000, set across repayment plans from 12 months to five years. The specific amounts and timeframes that you are able to access for a personal loan will be dependent on your financial circumstances and your credit score.
What interest rates can I get for an AA loan?
AA personal loans offered to you will have differing rates due to being based on your credit history and current financial situation. If you have a healthier credit score you may be offered a lower APR, meaning that your monthly repayments may be lower.
Additionally, AA personal loans may also come with lower APR if you are an existing customer, either as a current borrower or as a member for roadside assistance. This may also help to reduce monthly repayments.
If you have had challenges in the past with keeping up with repayments, or you do not have an extensive credit report due to a lack of opportunity to borrow money, you could find that rates are a bit higher on your personal loan options. This is due to lenders viewing you as a riskier person to lend money to, and could result in higher repayments.
If you need guidance on how to increase your credit score, check out our guide for improving your credit score.
What can I use an AA personal loan for?
There are some restrictions on what a personal loan can be used for, but you can use a personal loan for most things you would need extra cash for in life. Some of the common uses include:
Who is eligible for an AA personal loan?
Your eligibility will be dependent on your credit score and personal circumstances, which a lender will use to determine how risky it is to lend money to you. There are also eligibility criteria that are required for AA personal loans. You need to:
- Have been a UK resident for at least 3 years
- Be aged 21 or over, and no older than 70 when the loan ends
- Have a UK-based bank or building society account, with the ability to pay direct debits
- Earn at least £12,000 a year
- Have a good credit history with no CCJs or bankruptcy
Can I pay off my loan early?
Yes, AA personal loans may come with options to make early repayments or settle the balance in full early. The specific options available to you will be set out in your loan agreement, including any potential fees or interest charges that may result from settling a loan early. This may be an option for you if you find yourself in a better financial position than when you started the loan repayments.
Are there any added benefits to a personal loan from AA?
AA personal loans come with a number of potential benefits, depending on your eligibility and situation:
- Excellent customer service
- Quick loan application and short pay out times (48 hours on average)
- Options available to make early repayments
- Wide range of amounts and repayment terms to suit your needs
- Additional benefits or advantages for existing AA customers
- Option to apply for top-up loans once 12 repayments made or 50% balance paid off
How do I check my eligibility for AA personal loans?
Here at Aro, we can run a soft check to show you your chances of approval for AA personal loans, as well as over 50 other lenders. As this is a soft check there won’t be any impact to your credit score. Simply fill in your details and we’ll do the rest.
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