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You may borrow any amount between £1,000 - £25,000 in an unsecured personal loan from RAC and you may borrow the money over periods between 12 months and five years in duration.

While you may not be buying a car with the money, the RAC Loan does come with motoring benefits that may be useful to you. If you are not already a member of the RAC, you will be offered free RAC membership with your RAC Loan and a free 14-point car check.

Existing RAC members receive the free 14-point car check and a free MOT test. If you decide to take out an RAC Insure Policy to cover your loan you will also receive £30 Marks and Spencer vouchers.

The RAC Loan is available to anyone between the ages of 18 -75 and may be used for debt consolidation. If you need the money in a hurry, a cheque can be available within 24 hours of your application although a £45 charge applies for the optional next-day courier service.

You may defer the start of your loan repayments for up to three months but the RAC Loan does not allow payment holidays thereafter. However, you can make lump sum repayments at any time without penalty.

Personal loans are offered by the RAC in two rate bands with the APR for the lower of the two being more expensive. The actual APR that you will be charged may vary from the quoted typical APR depending on your circumstances and the loan amount.

The RAC Loan is offered through the RAC by the Funding Corporation. RAC was founded in 1897 and currently has some six million members.

Motoring services company Lex Service plc purchased RAC Motoring Services in 1999, before renaming itself RAC plc in September 2002 and has no formal connection with the previous owners, the members of the Royal Automobile Club in Pall Mall, London.

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