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AA Loan

The AA loan isn't the best value out there, but is competitive at higher rates, and is of course from a trusted brand. You can borrow from £1,000 to £25,000 and the payment protection insurance scheme is among the best in the market.

AA Loan examples (correct at publication date, uninsured):

  Monthly Repayment APR
£3000 across 2 years £138.98 10.9%
£5000 across 5 years £98.94 7.2%
£10000 across 7 years £150.79 7.2%

Let's begin with the rates. The cheapest AA Loan rate of 6.7% is reserved for people borrowing over £20,000 (typical rate for £5,000 is 7.2%). Now considering that the supermarkets will offer you 6.9% for borrowing only £5,000; this is an expensive loan.

On the plus side, unlike some providers, rates don't depend on the length of term- whether you borrow for one year or the maximum 7 years, the quoted APR won't change. Payment protection is also available using "AA Creditcare"; and whilst we wouldn't recommend basing your decision on the insurance policy alone, it's a very good policy. The extra premium isn't too expensive, and if you claim, benefits begin after only 15 days sickness (with most policies it's a whole m