AA Large Loans
Good:
Excellent customer service and easy to get hold of
Bad:
Very high charges if you want to receive your loan quickly
Verdict:
You must have a really good credit history to apply for this loan - money is actually provided by The Co-Operative Bank
AA Loans are provided by The Co-Operative Bank and they offer loans for £15,000-£25,000 over 1 -7 years. Their rates are similar to other banks and high street lenders. When you click apply from their website, you will be redirected to the The Co-Operative Bank loan application.
You can apply online or over the phone. After filling out their online application form, they will check your details and credit history to make sure you are eligible. They will then contact you with their preliminary decision and arrange for the relevant papers to be sent to your home address. If you use their courier service you will get their paperwork quickly, but it will take up to two working days if you don't. After you have signed and sent back the relevant documents, (you may also need to send additional identification), and everything is confirmed, the money will be in your account within 7 days. An optional CHAPS fee is payable if you want the money within 48 hours.
They only offer loans to people who have good credit so if you have late payments, CCJs or defaults on your credit file, don't apply because you'll get turned down. Even if you have good credit, this doesn't necessarily mean you are going to get accepted. Their application is similar to other high street lenders, but it can take a bit longer to get your money as you have to send documents to them. The AA run quite strict credit checks so it might be difficult to be accepted if your credit history is not in order. If you are successful though, you will receive a fantastic, fast and reliable service. The phone service is also good so if you have any queries you can phone on them on their free number.
Loan Calculator (Representative 8.9%APR)
Loan Amount £
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I currently have a loan with AA at the rate of 8.4%. I called them to increase it by a small amount and was quoted a rate of 7.7%. I continued to apply as I was very happy with this rate. After the application, they changed the rate to 10.7%. I was very confused and wasn't given an explanation
Had no problems receiving the loan and got a good rate but had no end of them since repaying the early settlement figure over two months ago. My bank confirmed the payment was made and identified the account number it went to, which was the right one, but the AA Loans still can't seem to find it. I would't mind but it was for a very specific amount, on a specific day, at a specific time. If you can get a similar rate or even to within 0.1 or 0.2%, go with the other loan provider. The AA Loans customer service is rank. The staff seem to want to do as little as possible and, if you want any resolution to your problems, you'll need to do all the work yourself, and then some.
When I called the AA about my loan application, I was put through to a lady within 15 seconds. She went through the application form with me and was very helpful. I did my application on Saturday, my agreement arrived on Tuesday, I sent it back that same day and the money was in my account that following Tuesday! Really impressed and now I have my new car.
I applied for a loan with AA and the service was quick and efficient. However, the cheque was sent by courier and they did not inform me of the costs. It took time for the cheque to clear so I was unsure as why it was not done via banks transfer. Also, when I repaid the loan early, I did not get a refund on the interest. My advice would be to make sure you ask them questions about ALL the charges.
Their loan service is excellent. They are easy to deal with. I opted for the 3 month deferred payment holiday at the start of the loan which was great. The online decision was instant so I called them, the courier arrived the next day with the documents, I signed the agreement, job done.
AA's customer service was excellent. They are easy to get through to on the phone, the longest I waited was around 10 seconds! I called up on a Wednesday afternoon, Thursday my loan was agreed and I had my cheque by optional courier service on the Friday.
Loans up to £25,000 - 7 years
48 hours - £50 courier fee and £30 CHAPS fee
- You must have a bank account with direct debit facilities
- You must have a good credit history
- You must have lived in the UK for 3 years or longer
- You must be between 23 and 69 years of age
- You need: proof of ID and proof of address for the last 3 years
- Your gross income must be at least £10,000 per year
- Receive your documents by courier quicker - £50.00
- Receive your documents quicker by CHAPS - £25.00
- Interest owed on the instalment from when it is due until the date it is actually paid
- One month's interest calculated on the balance outstanding
