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An unsecured loan is precisely what it suggests, a loan 'not secured' on your home, that you can use as you would like. Many people use them to get a new car, the holiday of a lifetime, home improvements, or possibly to clear spiralling credit card bills in a single go, so giving you freedom to spread the installments over a longer period with a reduced interest charge.
With an unsecured loan, what amount can I borrow?
You can normally take out an unsecured personal loan for up to £15,000 (if you have a good credit history) but some unsecured lenders can offer you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Nonetheless, remember that you should have the financial capacity to meet the loan instalments. With unsecured loan applications, you can normally be approved in principle over the phone.
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What are the min/max repayment terms for an unsecured loan?
In part this is determined by the unsecured loan company. A number of unsecured loan companies would give an unsecured loan for as little as twelve months, however, a 5 to 7 year term is more common. The maximum unsecured loan length is usually 7 years but a number of unsecured loan companies will loan over 10 years. Unsecured loans are more suitable for borrowers who want to pay back something within a few years. For people who only want the money for a short period, for example, six months, purchasing with a credit card may make more sense. FYI, many internet users searching for information about this subject, make the mistake of searching using mis-spelt search terms for example 'finding unsecure loans', 'guarantor unsercured loan' or even 'bad credit unsecure loans'.
How does the unsecured interest rate work?
Unsecured loan rates are generally fixed for the duration of the unsecured loan contract, which means you know exactly the amount you will pay back monthly. The disadvantage is that you might possibly repay more than others who borrow a similar unsecured loan in 6 months' time - on the other hand, you could pay less! Either way, you will not need to be anxious about loan repayments increasing. A lot of unsecured loan providers will insist that you arrange a direct debit for the loan payments. Generally, the loan interest rate is lower when you take out a larger unsecured loan. With unsecured loans, the crucial element to check out is the Annual Percentage Rate (APR). In addition, it is crucial to consider how much the unsecured loan will cost you in total.
Do unsecured loan applications include a credit check?
Yes, unsecured loan providers want to ensure that borrowers represent a 'good risk' and therefore don't carry a history of adverse credit and unpaid debts. To do this, the unsecured lender will check your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. A bad credit past will not automatically hinder you from obtaining a personal unsecured loan, but chances are you will have to pay a higher unsecured loan interest rate. You might find it harder to get an unsecured loan when you are self employed or if you are newly employed.
What is an unsecured loan payment protection insurance?
This is an insurance cover you can purchase to pay for (under certain conditions) the monthly repayments of the loan if you are incapable of doing so - for example, when you have lost your job. Consider with care if you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial position is unstable, is it the best move for you to be borrowing more money on top of it all? If you do need a loan payment protection plan, ask about exclusions and small print which might make it impossible for you to benefit from the insurance.
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