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The AA could well be the first place you think of when shopping for breakdown cover or car insurance, yet the AA also provides a number of other useful services, including personal loans. AA Loans offers loans from £1,000 all the way up to £25,000 and if you are an AA member then so much the better, since you will qualify for a very competitive rate on loans above £7,000. However, anyone can apply for an AA loan using the secure online application at the AA website. You'll receive a decision in just a few minutes.
Depending on the type of loan, and the amount, then you'll have up to seven years to repay an AA loan and, as mentioned above, if you're an existing AA member then you'll qualify for a preferential APR (if you already have a valid AA breakdown recovery membership then you are able to receive the preferential AA members loan rate). It therefore makes some sense, if you are not already an AA member, to sign up for AA membership before applying for an AA loan. The cost of AA membership would almost certainly be offset by a lower APR on your loan. Additionally, as an existing AA Loans customer, you can top up your existing loan at any time and enjoy more money, often for the same monthly repayment (AA top-up loans are currently only managed over the phone).
However, whatever you need a loan for, AA Loans is a good place to start - there are a couple of good reasons for that. Firstly, despite appearances, not all loan companies are necessarily quite as reputable as they make themselves out to be; with AA, you know that you're dealing with a company with an excellent reputation, and one which has been around for over 100 years. Secondly, by going with a reputable company, such as The AA, you're more likely to get a better interest rate, since they will check your credit score, etc, before deciding whether to grant you a loan. Conversely, some other companies may easily grant you a loan, with few checks against your credit history, but then charge you the earth for the loan, which is probably not what you really want.
If, for whatever reason, your AA loan application happens to be rejected, you can, of course, still apply to other lenders for a loan, having lost nothing except a few minutes filling out the AA loan application.
Unlike many loan companies, there are no hidden charges when you take out an AA Loan, and you can also repay your loan early if you choose to. Optionally, you can also choose to purchase Creditcare when you apply for your loan; Creditcare is a low cost, optional insurance that could help you to make your AA loan repayments in the event that you're unable to make the payments because of unexpected circumstances, for example. Your AA loan repayments could be protected for up to 12 months.
For the sake of an extra few pounds, choosing Creditcare is an excellent idea, and provides cover for the circumstances of unemployment, accident and sickness, and critical illness. Creditcare also provides life cover, which means that in the unfortunate event you lose your life, your loan could be paid off (up to a maximum as pre-defined when you purchase Creditcare), leaving no loan debt to your next of kin.
There are several different types of loan available from the AA website, and you'll obviously want to select the one best suited to your requirements, but in brief they are:
With loans of greater than £25,000, the AA partners with Freedom Finance - part of an established Europe-wide broker network, which has access to some of the UK's top lenders. As with all AA Loans, the interest rates on the larger loans are extremely competitive as compared to many other companies, and you're unlikely to find rates very much better - if at all - than those offered at the AA. Additionally, customers with county court judgements (CCJ's), arrears, or who are self-employed may also eligible to apply for these loans.
As with any type of credit or loan, you should, of course, only apply for credit which you are confident you are able to repay. Also, with secured loans, you should remember that the loan will be secured against your home or property, and that in the event you do not keep up repayments on a mortgage or any other debt secured against it, then your home may be repossessed.
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One of the most frustrating obstacles some people find, when attempting to resolve a financial difficulty, is that, no matter where they turn, credit is denied. Over and over again, the familiar response is that their credit rating is not high enough, or they have County Court Judgements (CCJ's), or they have too many existing debts - or something similar. Logbook Loans ignores all of these criteria, and offers loans to anyone with a vehicle less than ten years old, against which a loan can be secured.
Many people see credit cards as the best way to obtain credit, yet it's usually the most expensive method. Personal loans, on the other hand, almost always offer a much better deal, generally providing a fixed interest rate for the length of the loan, and almost always at a much lower interest rate than a credit card. Sure, for instant satisfaction your credit card might work, but with loans available from £7,500 to £25,000 Nationwide personal loans are guaranteed to offer better deal.
Provident Personal Credit provides small loans of between £50 and £500 and, in a nutshell, pretty much anyone may apply for a Provident loan, regardless of credit history, or if you have been turned down for credit before. Provident frequently offer loans to people with a poor credit history, even a CCJ (County Court Judgement), and loans are more generally provided upon your ability to demonstrate that you're able to repay, rather than your credit history. So, if you have good credit history then so much the better, but if you don't then it's no problem, and you shouldn't be concerned about applying.
If you have ever tried looking for a loan, then it doesn't take long to discover that there are usually more than a handful of companies willing to lend you money. However, as you've hopefully discovered before signing up with them, many loan companies end up creating even bigger problems for you down the road, with sky-high interest rates, and all of the accompanying hassles if you happen to be a day or two late with your payment. However, Wonga is not your typical loan company, and if you want a quick loan, with minimum hassle, then you may well decide that Wonga is the company for you.
Yes Loans is amongst the largest UK credit brokers, and specialises in providing any-purpose loans for both homeowners and tenants alike, and to those customers previously refused by other credit companies and lenders. Regardless of bad credit history or low credit score, Yes Loans offers a useful financial lifeline for many folks. Even customers previously turned down for credit because of County Court Judgements or mortgage arrears should feel comfortable applying at Yes Loans, where such issues need not necessarily present a problem.
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