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An unsecured loan is what it says, a loan 'not secured' on your property, that you can spend as you want. A lot of people use them to pay for a car, the holiday of a lifetime, house renovations, or even to clear spiralling credit card debts in a single go, thus letting you to make the instalments over a longer period with a lower interest charge.
With an unsecured loan, how much money can I borrow?
You can typically take out an unsecured loan for up to £15,000 (if you have a good credit rating) but certain unsecured loan companies can grant you up to £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, keep in mind that you are required to have the income to make the monthly loan repayments. With unsecured loans, you can frequently get approval in principle over the phone.
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What are the min/max repayment terms for an unsecured loan?
This partly is determined by the unsecured loan company. A number of unsecured lenders can provide an unsecured loan for as little as twelve months, however, a 5 to 7 year term is more likely. The maximum unsecured loan length is normally 7 years but certain unsecured loan companies will loan over 10 years. Unsecured loans make most sense for applicants who want to repay the money borrowed over a few years. For people who only want the money for a short period, for instance, 6 months, using your credit card may be cheaper.
How does an unsecured loan interest rate operate?
Unsecured loan rates are usually fixed for the length of the unsecured lending agreement, which means you know exactly the amount you will repay every month. The drawback is that you might possibly pay more than other borrowers who get a similar unsecured loan amount in 6 months' time - on the other hand, you might pay less! Either way, you will not need to be anxious about your loan instalments shooting up. Many unsecured loan providers will insist that you set up a direct debit for the loan payments. Generally, the loan interest rate is lower if you take out a larger unsecured loan amount. With unsecured loans, the critical factor to be aware of is the Annual Percentage Rate (APR). In addition, it is advisable to know the amount the unsecured loan will cost you in total.
Will there be a credit score check?
Yes, unsecured loan providers want to be satisfied that you represent a 'good risk' and therefore do not have a record of poor credit and outstanding debts. To achieve this, the unsecured loan company will obtain your credit history from a credit reference agency - Equifax, CallCredit plc or Experian. An impaired credit past won't necessarily hinder you from getting an unsecured loan, nonetheless, chances are you will get an offer with an increased rate of interest. You may find it harder to obtain an unsecured loan if you are a sole trader or if you are just starting a new employment contract.
What is an unsecured loan payment protection insurance?
This is an insurance plan you can purchase to pay for (under certain conditions) the unsecured loan monthly repayments in the event you cannot - for instance, when you have lost your job. Evaluate with care if you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are precarious, is it wise to be increasing your debt load on top of it all? Should you decide you would rather have a payment protection insurance, ask about exclusions and small print which might make it harder for you to claim from the cover.
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