Are you looking for a personal loan with low interest? Automobile Association Personal Loan is the one for your dreams. Whether you want the loan for Home Renovations, Holiday or Travel, Ceremonial Events, Study, Medical Expenses, Or Debt Consolidation, Automobile Association gives you instant money.
They offer fixed-rate loans for any amount between £1,000 and £25,000 (in £100 increments) with a repayment period between 1 and 7 years (in 6-month increments). But the terms it offers are very competitive, though it is very safe and reliable for your borrowing needs.
Thus, a loan from the Automobile Association is right for you or not? Here’s everything you require to know about the loan Automobile Association offer before you make any arrangement.
Let’s take a quick look at some details from Automobile Association Personal Loan:
Automobile Association offers loans from £1,000 to £25,000 (in £100 increments). The repayment period can last anywhere between 1 and seven years with six months increments. However, the rate you offer will depend on your income and credit score. The applicant can apply for the loan online and get instant approval without any arrangement or set-up fee.
Once your loan is approved, you will have to sign the paperwork and send it back to the association; when they receive it by A.A., your loan should appear in your bank account within two working days.
Automobile Association Criteria for Personal Loan:
Moreover, some eligibility criteria may vary from lender to lender, but here we wrote some most common personal loan requirements. To apply for a personal loan on Automobile Association, the applicant must be a U.S. citizen with a permanent residency. Applicants must be over 21 and no older than 70 when the loan term ends. Your regular income must be over £12,000 a year, while for self-employed, you must have been so for over two years.
Consider a representative example when you borrow £6900 for your medical expenses, study, or ceremonial events from the Automobile Association. Based on the monthly repayment amount of £204.38 over three years, your total repayable loan will be £7,357.68. And your representative APR will be 4.1%, based on a fixed rate of 4.3% for an A.A. Non-Member Loan.
But an Automobile Association member can get exclusive rates. For a loan of £6900 over three years, and Automobile Association member will receive a representative APR of 4.1%, and your total repayable loan will be £7,336.44.
The rate you’re offered depends on your circumstances and credit score. It affects both your loan amount and interest rate. The better your credit score, the larger your borrowing capacity and the lower the interest rate. In contrast, low credit scores increase the interest rate and decrease borrowing capacity. The maximum APR you could receive is 29.9%.
If you have decided to borrow money from the Automobile Association, register yourself at the Automobile Association. Give them your I.D., address details for the past three years, employment details (payslip and bank statements), and your current income. Then just fill the application form online and get instant approval.