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AA cuts personal lending rate as New Year realities hit home

9th January 2014 Print

AA Financial Services has slashed its personal lending rate to 4.8% APR Typical for loans between £7,500 and £15,000 to AA members (4.9% for non-members).
 
The new rate comes at a time when, despite almost three-quarters (72%) of people responding to an AA / Populus study saying that they had their Christmas spending ‘well planned’, just over a quarter had said that they ‘didn’t know where their money went’.
 
Londoners were the least likely to be well organised, with fewer than two-thirds (63%) saying that they had their Christmas spending planned and under control.  Those in Northern Ireland (84%) were the best organised.
 
Mark Huggins, Director of AA Financial Services, says that many people begin to think more carefully about their finances in January when the bills start to come in after Christmas, pointing out that the research also showed that 12% say their New Year’s resolution is to ‘sort out their finances’.
 
“It is at this time of year when most personal loans are taken out as people take control of their finances by taking out a personal loan to combine existing balances on loans, cards and overdraft facilities into one convenient, fixed monthly payment’’.
 
“It is also a time when many families are thinking about the coming year, the projects they want to undertake and events that might be on the horizon – for example a new kitchen or bathroom, a new car or a big family event such as a wedding or significant anniversary’’.
 
“Well-planned management of personal finances can help to reduce outgoings and allow for further planned expenditure,” he points out.
 
“Lenders are offering historically low rates so now is a good time to consider family finances.”
 
Adds Mr Huggins: “This is one of the best rates we have offered to our customers and we aim to stay a market leader in 2014.”