RAC Personal Finance
12.9% Representative
Will lend between: £1,000 - £35,000
Over: 12 - 84 Months
Are you eligible for RAC Personal Finance?
Check your eligibility before you apply.
- Quick 40 second form.
- No impact on your credit file.
- Free personalised eligibility score.
RAC Personal Finance customer reviews.
4.8 out of 5 stars
Smart Money People
got a personal loan with shawbrook bank through rac loans. instant decision and a quick phone call to verify my details. money was in my bank three days later. great service.
noeline stewart
Smart Money People
One of the quickest turn around time in the industry. Very happy with their service.
N Adam
Smart Money People
The application process is simple straightforward and easy. The decision on the loan was sent back quickly and there was a followup call to make sure I understood and happy with the loan agreement.
Eileen Pillar
Smart Money People
Easy, helpful, kept in touch with whats happening all the way, fast service
Lisa
Smart Money People
I have been with the RAC for over 14 years and out of the blue I received an email about their loans. As I needed some extra funds I contacted them. Within a few days the money was in my bank account. I was impressed by their professionalism and speed of operation.
Karen Banks
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.
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.
Company information
Registration number: 00388466
Lutea House Warley Hill Business Pk, The Dri Great Warley Brentwood, Essex CM13 3BE
FCA registration
Reference No: 204574
Trading names: Shawbrook Bank Limited, Shawbrook Asset Finance
Place of business: Lutea House, The Drive, Warley Hill Business, Brentwood, Essex, CM13 3BE
Data protection registration
Registration No: Z5738403
Data controller: Shawbrook Bank Limited
Address: Lutea House, The Drive, Warley Hill Business, Brentwood, Essex, CM13 3BE
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