RAC Financial Services Limited trading as 'RAC Loans' are authorised and regulated by the Financial Conduct Authority (FCA) and, for personal loans, acts as a credit intermediary and not a lender. RAC Loans introduces customers to Shawbrook Bank Limited, 'Shawbrook'. Shawbrook Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
RAC Loans and Shawbrook, are committed to responsible lending and it is important that you provide accurate and up to date information in the required fields. Using this information, Shawbrook will conduct a quotation search of your credit reference file. Only you and the Credit Reference Agency will be able to see this search which will remain on your credit file for one year. Other lenders will not be able see be able to see evidence of the quotation search.
The information you submit may also be used for the detection and prevention of fraud. Where false or inaccurate information is provided and fraud is suspected or identified, details may be passed to fraud prevention agencies to prevent fraud and money laundering.
If you have made a joint RAC Loan application or tell us that you have a spouse or financial associate, your records will be linked together, so it is important to ensure that you have their agreement to disclose information about them.
RAC Loans are subject to status and affordability checks. Shawbrook will provide an instant decision online.
If your RAC Loan is approved in principle
Final acceptance of your RAC Loan will be subject to a full credit application search. This full credit application search will be registered on completion of your loan and will leave a footprint on your credit profile. This will be visible to other lenders. The footprint will leave information including the type of credit, the amount of credit applied for, and the term.
If your RAC Loan is declined
Where your RAC Loan is declined, RAC’s partner, Fluent Loans Limited, will use the submitted information to search alternative loan providers for you. Fluent Loans Limited, authorised and regulated by the FCA, will also conduct a quotation search of their panel of lenders, allowing you to compare rates from a range of providers.