AA Member Loan
3.1% Representative
Will lend between: £1,000 - £25,000
Over: 12 - 84 Months
Are you eligible for AA Member Loan?
Check your eligibility before you apply.
- Quick 40 second form.
- No impact on your credit file.
- Free personalised eligibility score.
AA Member Loan customer reviews.
2.1 out of 5 stars
Choose Wisely
Amazingly quick. Filled form in online. Got the same interest rate I was promised, i.e. 3.2% FIXED OVER 3 YEARS. No strings. Can repay early without penalty. Got accepted within 30 seconds. Credit checks etc all done in that time. Confirmation message. Money into bank within 2 days. Amazing. Recommended.
Dunc Smith
Choose Wisely
I called AA loans this morning and after 38 minutes got through to Hayley.. who didn’t even apologise for the wait, which I would expect as standard practice from customer service! Poor service from there on in on the call. Won’t use again.
Zoe Collett
Our review of AA Member Loan
Although the AA don’t personally pay out the loan amounts (they are a brokerage for Bank of Ireland), their website and information offers the same feeling of security as their breakdown cover. There is lots of information about whether a loan is the right choice for you and they seem to be very conscious of lending responsibly. They clearly set out the criteria of the loan, explain why a customer may receive a certain decision and guide customers through the consequences of taking out a personal loan.
AA Personal Loans have mixed reviews online with some customers claiming to have great credit scores but still getting turned down. There are reports of the AA changing the initial quoted rate of interest after the application has been completed, however, this is to be expected as through gathering personal information they tailor their interest rate to each customer’s individual circumstances. Reviews across the web are quite negative, but with the majority of feedback being from those that have been declined, it’s not surprising.
One thing to note is that if you are an existing customer and wish to borrow more from AA Personal Loans, you will need to settle your existing debt with them and then reapply, which can be an inconvenience if you’re not in the financial position to do so.
Overall verdict: AA Personal Loans seem to take a firm but fair approach. They only accept those with a perfect credit history, so if your credit file has had a couple of wobbles in the past then this is not the loan for you. If you’re a current breakdown customer then AA Loans could be worth considering for convenience, but it’s worth shopping around.
Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.
Highlights
- Instant decision online
- No arrangement or set up fee
- Fixed monthly repayments
- No fee for repaying your loan early
Minimum criteria
- You must be aged between 21 and 70
- No County Court Judgements (CCJs) or bankruptcy
- You must have a UK based bank or building society account that can pay direct debits
- You must have a regular income above £12,000 per year
- You must have been a UK resident for at least 3 years
Fees
- Maximum APR 17.9%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £12
About AA Member Loan
Breakdown cover provider AA offer a broker service for personal loans up to £25,000 provided by the Bank of Ireland. Monthly repayments are fixed and loan lengths can range from one to seven years. There are no hidden arrangement charges or set up fees and the AA have a simple but quite lengthy online application process that gives an instant decision.
There are a few criteria that you will need to meet for an AA Personal Loan including being aged 21 or over, be a UK resident for at least three years and have a regular annual income of over £12,000. Approved applicants will be sent their paperwork to sign and send back and once this has been received by AA the loan should appear in your bank account within 2 working days.
The advertised representative APR offered by the AA is tailored to your personal circumstances and takes into account your credit information, your requested loan amount and the length of time you wish to borrow for so it may differ from the advertised rate.
Repayments are made monthly by Direct Debit and will be for a fixed amount throughout the duration.
FCA registration
Reference No: 512956
Trading names: Bank of Ireland
Place of business: Bow Bells House, 1 Bread Street, London EC4M 9BE
Data protection registration
Registration No: Z2076174
Data controller: Bank of Ireland (UK) PLC
Address: Bow Bells House, 1 Bread Street, London EC4M 9BE
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