The Automobile Association is a brokerage service that facilitates personal loans for individuals and organizations usually for a commission when the deal is executed. They can offer from £1,000 up to £25,000 without any arrangement or set up fees, which is provided by the Bank of Ireland.
They have a fixed representative Annual Percentage Rate (APR) of 3.1% for amounts between £15,000 and £25,000 and they have the option for the borrower to pay off their debt ahead of the scheduled payment date with no extra charges.
To apply for a loan, the following factors may be considered in calculating the APR for repayment. A borrower may receive the maximum Representative APR of 28.9% depending on the factors listed above.
1. The amount required
2. Duration of payment
3. The borrower’s credit rating.
The AA provide short term loans with no collateral required, with repayment duration of a maximum of 7 years for the highest amount that is offered by the institution.
Assuming an amount of £4,000 is issued to an individual, the representative APR for such an amount is 8.9% and if the duration of repayment is set to 3 years, monthly repayment is calculated to be £126.37 which sum up t19o £5,549.32 of the total amount payable. Because there are no restrictions on the borrowed money, and so it can be used as seen fit by the borrower.
Features provided by the company include but not limited to
-3.1% fixed Representative APR for amounts between £15,000 and £25,000
-Fixed repayments per month
-Lower repayment rates for Members
-Instantly grants loans in most cases
-Allowed to pay more than agreed monthly repayment or Pay in full with no extra charges -No set-up fees
The company also provides Car loans as well as financial assistance for Home Improvement
Bear in mind that interest rates will be depend on individual credit rating and personal circumstances. The APR would be maximum 29.9% is depend on the term and amount of loan applied for.