What loans does Asda Money offer?
Asda is known for being one of the UK’s leading supermarkets, but it also offers financial services, including personal loans. Here’s what you need to know.
Who is Asda Money?
Asda Money is Asda’s financial services arm of the business. It was rebranded in July 2012 and acts as a broker and introducer, working with a panel of trusted providers, to offer credit cards, personal loans, insurance products, and travel money.
In respect of personal loans, Asda works with Aro Finance Limited, who are authorised and regulated by the Financial Conduct Authority.
What types of loans does Asda Money offer?
Asda Money, in partnership with Aro, offers a variety of unsecured personal loans tailored to meet different financial needs:
A general-purpose loan designed to cover various expenses, featuring fixed monthly repayments over a set term. Eligibility can be checked without impacting your credit score.
Debt consolidation loans combine multiple debts into a single, manageable payment plan, potentially simplifying finances and reducing overall interest costs. Asda Money's soft search eligibility checker allows you to assess options without affecting your credit score.
Car loans are tailored for purchasing a new or used vehicle, with fixed monthly repayments over a term of up to seven years. Asda Money's quick online decision process facilitates a smoother car-buying experience.
Finance renovations or upgrades to your property with a home improvement loan, offering flexible repayment terms and fixed monthly payments, enabling you to add value to your home.
Holiday loans allow you to spread the cost of your dream getaway over manageable monthly payments, making vacation planning more financially accessible.
Wedding loans cover expenses related to your special day, from the venue to the honeymoon, with fixed repayment terms, helping you manage wedding costs without financial stress.
For individuals with less-than-perfect credit histories, Asda Money offers options that may still be accessible. While higher interest rates may apply, bad credit loans provide an opportunity to improve your credit score through responsible repayment.
Personal loans
Debt consolidation loans
Car loans
Home improvement loans
Holiday loans
Wedding loans
Bad credit loans
These loans do not require collateral such as your property, and Asda Money does not offer secured loans.
How much can I borrow with Asda Money?
You can borrow between £1,000 and £25,000 with an unsecured loan, with payment terms running from 12 months to seven years.
What is the eligibility criteria?
To be eligible for an Asda Money, in partnership with Aro Finance, you must:
Be over 18 years old
Be a UK resident with a fixed address
Have a consistent, regular, and provable income
Have an email address and phone number
Approval and loan rates will always come down to your individual financial circumstances. Unlike some other lenders, Asda, through Aro, does cater for bad credit customers, meaning eligibility criteria might not be as tight as elsewhere.
For example, even if you have a county court judgement (CCJ) against your name, you may still be able to get a loan, although you might not be able to borrow as much and it could be at a higher rate.
How quickly will I receive the money?
The time it takes to receive funds from an Asda personal loan varies depending on the lender you are matched with.
Some lenders may transfer the loan amount as soon as the same day, while others may take longer. It's important to note that these timeframes can also be influenced by your bank's processing times.
Are there any fees or charges?
Asda Money, in partnership with Aro, collaborates with a panel of UK lenders to offer personal loans. As such, the fees associated with these loans can vary depending on the chosen lender and loan terms.
The more common fees are interest charges for early loan settlement and missed or late payment fees. Some loans also include a loan fee to set-up the loan, with this often included in the overall amount.
It's important to review the specific terms and conditions of your loan agreement to understand any applicable fees and charges.
Why compare with MoneySuperMarket?
MoneySuperMarket helps your loan search by enabling you to compare a wide array of loans from top UK lenders.
Our eligibility checker assesses your credit profile to show loans you're likely to be approved for, without affecting your credit score.
We display essential loan details upfront, including potential interest rates and loan terms, and allow you to sort loans by total cost and approval likelihood, ensuring you find the best deal for your financial needs.
