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CyrusBlake's review of AA Loans



Written on: 23/11/2021 by CyrusBlake (1 review written)

Firstly, I am not someone that ever writes reviews but my experience with this company was so bad, it has prompted me to write one.

Secondly, I take out loans every couple of years for my sideline building projects which when the property is sold, I pay the loan off. So I have experience at dealing with loans and paying them back and so I know what to expect with them.

I went with the AA after typing in all of my details on Moneysupermarket and found the AA to be the cheapest loan at 2.8% APR. I got accepted straight away and told they were sending a pack through the post(arrived about a week later). When the pack appeared it said congratulations on being accepted for the loan at 6.9% APR.

I rang back and questioned this with someone on the phone who told me the reason for this would be down to my credit score, to which I explained to him it was 999 out of 999. He then changed his tune and said actually very little of it is to do with credit score and that I should be happy with 6.9% as a lot of people get between 10% - 18% and that 6.9% is actually pretty good. I explained it wasn't when I had been offered 2.8% on Money supermarket and only went with the AA due to them being the cheapest.

For the sake time (as a week had already past), and the fact I was planning on paying back the loan pretty quickly I decided to proceed and uploand the relevant docs to their online portal clarify the info I'd given them was correct. Once done I would get emails from them a day or 2 later telling me the file wasn't complete and they needed more info. After another 4-5days of going backwards and forwards they finally had everything they needed and I got an email thanking me for uploading everything and again telling me once again I had been approved for my loan at 6.9% and I should get a letter confirming next steps within 5 working days.

After 6-7 days of not hearing anything I rang them back and they told me they had no update, apologised for the delay and said it's due to the the high volume of applications they had and that they'll be in touch very shortly. At this point I decided to read the reviews and they were all pretty terrible with the common theme of being people being offered a low APR, then getting accepted for a much higher one, getting told they'll get a letter with in 5 working days, nothing then coming through the post for nearly 2 weeks and then receiving a letter right at the end saying they had been declined.

So guess what, after no letter for nearly 2 weeks, I rang back to ask what was happening to be told that there was a letter in the post and that I had been unfortunately declined. As someone who is a house owner, with nothing on credit cards, no debt other than my mortgage, has a history of taking out loans and paying them back when supposed to and has never had any financial marks against their name and wasn't even close to being near their credit limits, I told them I was confused (and angry) as to why this had happened however I wasn't surprised as I had seen so many similar stories on line. They had zero explanation for this.

The most annoying part about this is that they waisted a month of my time just to decline. I then went with Tesco, accepted that day at 2.8%, sent me a pack straight out and I got a text message within 4days to say the money was in my account.

Everyone save yourself the time and rejection and just go straight to Tesco... AA you are officially a shambles.

  • 6.9%

    Loan Rate

  • Speed of Application

  • Customer Service

  • Value For Money

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