The AA has been around for quite some time. While they began in the year 1905 with their motoring services, today they offer a wide range of services and products which includes unsecured loans.
The company offers unsecured personal loans starting from GBP 7500 to 14,950 to borrowers who do not have an asset to offer as security against the loan. The company has a tie up with The Cooperative Bank and offers competitive deals to borrowers with their unsecured loans.
AA offer a fixed rate on their unsecured loans through the duration of the loan. The typical APR offered is 8.9% which is a little higher than a few of the other unsecured loan providers today. However, the final decision regarding the APR would be decided case to case, depending on various different factors. The term offered for their unsecured loans is between one to seven years. There are no fees charged for loan arrangement which is one of the main benefits.
The highest APR chargeable by the company is 15.3%. The monthly repayments on the loan have to be made through standing order. Like most other loan companies today, even AA offers a repayment holiday to the borrowers where they can take a break of up to 3 months if they think that they would not be able to make regular payments on their unsecured loan. The company offers the option to the borrowers to apply for the loan online through their website which makes the process quite easy.
Applying for AA loans
The application process for the AA loans is quite straight forward and very simple. However, there are a few criteria that you would have to fulfil in order to be eligible for the loan. The borrowers need to be aged from 23 years to 69 years. They should be a resident of UK, must have an income of at least GBP 10,000 each year. The applicants should have a cheque, debit guarantee or a credit or a store card or they would have to be a homeowner in order to get an approval for the unsecured loan.
If you can fulfil all of these criteria, you can apply for the unsecured loan either by phone or online. The website of the company offers a simple online application form where the basic information has to be provided and submitted.
Once the application form is submitted, the company would check and cross-verify all the details, run a credit check on the applicant and then decide whether or not the applicant is eligible for the loan and what amount he/she would be eligible for. The company representative would then inform you about the decision and if your loan application is approved, the funds would be transferred to your bank account within 48 hours.