RAC Personal Finance
9.9% Representative
Will lend between: £1,000 - £35,000
Over: 12 - 84 Months
Are you eligible for RAC Personal Finance?
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- Quick 40 second form.
- No impact on your credit file.
- Free personalised eligibility score.
No reviews for RAC Personal Loans
Our review of RAC Personal Finance
Breakdown cover powerhouse RAC offer personal loans between £1,000 and £35,000. Their loans are fulfilled by Shawbrook Bank. Customers must be employed with an income of £15,000 or more (or receiving a pension) and poor credit won’t be accepted.
The process seems to be fairly quick, the online application takes only around 10 minutes as long as you’ve got all the necessary information such as your address details for the last three years, employment details, annual income and your bank account details. If successful, then the RAC loan will be available in your account the next working day.
It’s quite difficult to find online reviews for RAC loans and at the time of writing there are none on Choose Wisely, but their OPTIOSCORE is relatively high at 79.2. This is mainly due to their features and consumer sentiment which are both at very good levels.
Overall verdict: RAC benefit from having their finance provided by Shawbrook. Both are good household names that should give customers confidence in them as a lender. If you are going to apply for a loan with RAC then make sure that you have good credit history otherwise you are going to be declined and that could harm your credit history in the long run. If you do meet the criteria then it’s worth applying for the competitive rate of APR.
Andrew joined Choose Wisely 5 years ago, originally working in a design capacity to make sure the website was simple to use. Most notably he worked with the Consumer Finance Association to design the comparison table of choice for High-Cost Short Term Finance products.
Highlights
- Online application with instant decision
- Well-known household name
- Funds could be available the next day
- Competitive representative APR
- No hidden fees or charges
Minimum criteria
- You must be aged 18 or over
- You will need to have a bank or building society account
- Must be a permanent UK resident for at least 3 years
- You must be employed, self-employed or retired with a pension
- You must have good credit history
Fees
- Maximum APR 29.9%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £22
About RAC Personal Finance
RAC Loans offer personal loans between £1,000 and £35,000 over a loan term ranging from one to five years and up to seven years if you're borrowing over £15,000. Their representative APR is 12.9%, although personal circumstance and credit history can change this during the application. They don’t charge any arrangement fees and there are no hidden charges. RAC’s application is completed online and applicants are able to get a decision almost instantly with funds available the next day. If successful, applicants can use the loan for anything, not just for purchasing a car.
To apply for a loan with RAC you will need to have a good credit history and meet a number of criteria including being employed, self-employed or retired with a pension, having a UK bank or building society account and have been a UK resident for over one year. When applying, ensure that you have all the necessary documentation and the online application should take no more than 10 minutes.
FCA registration
Reference No: 313989
Trading names: RAC Financial Services Limited, RAC Motoring Services, RAC Insurance Limited
Place of business: RAC House, Brockhurst Crescent, Walsall, WS5 4AW
Data protection registration
Registration No: Z9637218
Address: RAC House, Brockhurst Crescent, Walsall, WS5 4AW
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