The AA (The Automobile Association) was established in 1905. In the modern day we saw this leading motoring association demutualised in 1999. Then came the merge with the Saga Group in 2007 to create Acromas Holdings Ltd. Whilst being renowned for their breakdown cover and driving lessons, they have adapted to offer a wide range of financial services through www.theaa.com. These products are issued by others. The big recent contract was agreed in summer 2015 that was set over 10 years. This agreement was put in place with Bank of Ireland who would become the issuer of their credit cards, loans, savings accounts etc. This is on a partnership basis (not exclusive though as they also lend for The Post Office).

The AA loans have been underwritten by a number of big names over the years including Co-op Bank and Creation. Through this new partner they deliver competitively priced unsecured loans from just 3.2% APR. The rate has recently been lowered for their small sums. This was previously set at 18.9%, but it is now 12.9%. So for £1000 over a year you pay £67.28. The 3.2% rate seen at £10,000 (again over a single year) sees a charge of £171.66. Their car loan rates did differ previously, but this is no longer the case. Anyone can access between £1000 and £25,000 with the term range spanning from 1 up to 7 years.

When applying at www.theaa.com you can benefit from an instant decision. The payout will however be delayed since forms have to go through the post. There is even an AA loans login headed that is taken externally. You don’t get a login over at the Post Office and the 1k/10k rate range on that side is 12.9%/3.9%. The benefit there is however that they have 11,500 high street branches. For those with any questions, their team can be reached from Monday to Saturday from 8am to 8pm and on Sundays from 9am to 5pm. A minimum age applies at 21, the minimum salary is £12,000+ (self-employed is ok) and they won’t take on those with past bankruptcy or CCJs.