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We are working hard to bring you a new AA Loan.
If you would like to be contacted when we have a new loan please enter your details
In the meantime we are offering loans through our partner, Freedom Finance. Freedom Finance offer a range of loans to suit your needs. To find out more please click here
If you have a question or need to find an answer for your existing AA Loan, please call one of the following numbers:
If your circumstances have changed and you fear you may not be able to make your next AA Loan repayment, please call us in confidence on 0845 606 1651. Also see these useful contacts about managing debt.
Follow this link to find out about the payment protection insurance (PPI) complaints procedure.
If you have a query about a recent loan application, or a loan that's in partnership with The Co–operative Bank, call
0800 731 5647
Lines open Monday to Friday 8am to 9pm, Saturday 9am to 6pm, Sunday 9am to 6pm
If you have a loan provided by The Co–operative Bank and experience financial difficulties, call 0800 028 8696, or visit www.co-operativebank.co.uk.
Usually called a personal loan, an unsecured loan doesn't require any security, so you will not lose any possessions (eg your house or car) if you cannot make repayments.
The amount of interest you pay depends on your past history of meeting debts and repayments, calculated by a credit rating agency such as Experian. Normally the better your credit rating, the lower your interest rate will be.
Typical personal loan amounts vary, but most will be between £1,000 and £25,000, and are repaid over one to seven years. You can use a personal loan to buy a car or pay for home improvements, for special events like weddings and holidays, or to consolidate your existing debt.
Secured loans, or homeowner loans are larger amounts – between £10,000 and £30,000. They are secured on your property – either a property you own or have a mortgage on. So if you can't meet repayments, you risk losing your property.
Payday loans are usually smaller amounts repaid over 30 days, and carry a higher interest rate. These loans typically cover your expenses until you receive your monthly salary. Amounts are typically between £100 and £1,000, and interest rates can be high.
How much you can afford will depend on how much is left from your income after you have paid all your monthly expenses. It’s important to be realistic and not over commit yourself.
The advertised percentage at which interest is charged on a loan is known as an APR, or annual percentage rate. This is the total charge for the loan, including fees and interest, expressed as a percentage over the period of an average year. This allows you to compare loans from different providers.
Some lenders will charge a fee for arranging a loan, usually a one-off payment. An AA Loan has no arrangement fee.
CCJ stands for County Court Judgement. These are usually issued if you have defaulted on payments of previous debt. Having a CCJ will usually affect your credit score and ability to borrow money in the future.
Credit reference agencies and your credit rating
When borrowing money you agree that the lender can check your credit rating. Your credit history will be held by a credit reference agency such as Experian or Equifax. You can access your credit history and score by visiting a credit reference agency's website.
If you have outstanding debt spread across a number of other loans, credit cards or store cards, you can combine these into one loan with one fixed payment. This is called 'debt consolidation'.
This is a regular fixed monthly repayment amount payable for the duration of your loan.
Fixed rate loans
These are fixed and can't be changed by the lender or the customer for the term agreed. Even if the Bank of England change the base rate, your loan rate will remain unchanged, giving you added peace of mind.
This is an application by two people, usually yourself and a partner. This means that both parties are responsible for making the repayments.
A loan is a sum of money which is borrowed and paid back, usually with interest over a period of time.
This is a special rate loan to AA members. An AA member is defined as a holder of a current, valid breakdown policy purchased directly from the AA, or holder of a Member Rewards card through your insurance or other AA policy.
This example will give you an idea of the annual interest rate and the total repayment figure at the end of the loan. This can help you understand the total cost of the loan including the interest.
This type of loan is one in which some of your property is held as security for the amount you have borrowed, so missing payments may put your home at risk of repossession.
You can usually settle the loan early (before the agreed term). You may also settle part of your loan early. Where you do this your monthly payments will remain the same (other than the final payment which may vary), and the outstanding term will reduce, resulting in your loan being repaid earlier. You may be required to pay either one or two months' interest on the amount repaid, depending on the term of your loan.
This is the period of time over which the loan has been taken.
An unsecured loan is an advance of money that is not secured by collateral such as your home. A credit scoring will be undertaken to analyse whether you'll be accepted for a loan.
The following teams and orgnisations offer useful advice in relation to debt management, and we recommend that you take the opportunity to take their free advice. They will be able to help with any questions and suggest a suitable course of action.
Citizens Advice Bureau
The Citizens Advice service can help you sort out money, legal or other problems by providing free advice and information. You'll find your nearest Citizens Advice office listed in the phone book.
Or visit www.citizensadvice.org.uk
Payplan provides a free debt management service. Telephone 0800 280 2816.
Or visit www.payplan.com
StepChange Debt Charity
This is a registered charity that provides free, independent and realistic debt management advice. Telephone 0800 138 1111.
Or visit www.stepchange.org
This is a free helpline for people with debt problems. Telephone 0808 808 4000.
Or visit http://www.nationaldebtline.co.uk
Not an actual debt management charity (DMC), but is the largest UK network of advice organisations. Please note that they do not give advice themselves. They have contact details listed for most DMCs and other organisations that can help customers with their debt problems. Telephone 0300 777 0107.
Or visit www.adviceuk.org.uk
Christians Against Poverty (CAP)
CAP is a national debt counselling charity with a network of 239 centres based in local churches which provides free advice and assistance. A representative will go through your debt problems, make out a budget and set up a CAP bank account to pay off bills. Telephone 01274 760 720. Or visit www.capuk.org