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A personal unsecured loan means exactly what it says, a loan 'not secured' on your home, for you to spend as you would like. Many people use them to purchase a new car, a special holiday, home improvements, or possibly to pay off crippling credit card debts in one go, thus letting you to spread the reimbursements over a longer term with a lower interest rate.

With an unsecured loan, how much is it possible to borrow?
You can usually get an unsecured loan for up to £15,000 (if you have a good credit record) however, a number of unsecured lenders can give you as high as £25,000 unsecured (if you have an EXCELLENT credit rating). Nevertheless, remember that you are required to have the financial means to make all the loan repayments. With unsecured loans, you can often be approved in principle over the phone.

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What are the maximum and minimum repayment periods for an unsecured loan?
This partly is up to the unsecured lender. Some unsecured lenders can grant an unsecured loan for as little as one year, although a 5 to 7 year term is more common. The maximum unsecured loan length is usually seven years but certain unsecured lenders will lend over 10 years. Unsecured loans are suitable for those who want to repay something within a few years. For people who only want the money for a period of, say, 6 months, using your credit card may make more sense.

How does an unsecured loan interest rate operate?
Unsecured loan APRs are normally fixed for the whole term of the unsecured lending agreement, which means you know specifically the amount you are required to pay back every month. The disadvantage is that you could pay more than borrowers who are offered a similar unsecured loan in 6 months' time - then again, you might pay less! Either way, you will not have to be concerned about your unsecured loan payments increasing. Some unsecured loan companies will insist that you arrange a direct debit for the loan payments. Normally, the rate of interest is lower if you take out a bigger unsecured loan amount. With unsecured loans, the most important factor to be aware of is the Annual Percentage Rate (APR). Additionally, it's crucial to know the amount the unsecured loan will cost you in total.

Will I have to pass a credit score check?
Yes, unsecured lenders want to be satisfied that loan applicants are a 'low risk' and therefore do not have a record of bad credit and neglected debts. To do this, the unsecured loan provider will check your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. A poor credit record won't inevitably hinder you from obtaining a personal unsecured loan, nonetheless, there is a good chance you will be charged a higher rate of interest. You might find it more difficult to get an unsecured personal loan if you are a contractor or if you are just starting a new employment contract.

What is an unsecured loan protection insurance?
This is an insurance policy you can purchase to pay for (under certain conditions) the monthly repayments of the loan should your circumstances mean that you cannot - for instance, if you have lost your job. Think carefully if you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial position is uncertain, is it prudent to be going further into debt on top of it all? Should you decide you do want a loan payment protection plan, enquire about exclusions and small print which might make it impossible for you to benefit from the insurance.

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