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A personal unsecured loan is precisely what it suggests, a loan 'not secured' on your assets, for you to use as you wish. People often use them to pay for a new car, a special holiday, house renovations, or even to pay off costly credit card bills in one go, thus letting you to make the payments over a longer period at a lower APR.
With an unsecured loan, what amount can I borrow?
You can normally get an unsecured loan for up to £15,000 (if you have a good credit record) however, certain unsecured loan companies can grant you as much as £25,000 unsecured (if you have an EXCELLENT credit rating). Nevertheless, bear in mind that you should be able to afford the loan repayments. With unsecured loan companies, you can frequently be approved in principle over the telephone.
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What are the maximum and minimum repayment periods for an unsecured loan?
In part this is determined by the unsecured lender. A number of unsecured lenders can provide an unsecured loan for as little as one year, however, a 5 to 7 year term is more likely. The maximum unsecured loan length is generally seven years but some unsecured lenders will loan over 10 years. Unsecured loans are best for applicants who want to pay back a purchase over a few years. For people who only want the money for a period of, for instance, 6 months, using a credit card may be more suitable. If you stumbled upon this page because you misspelled your keyphrase with spellings for instance 'guaranteed unsecure loans', 'first national unsecure loans' or even 'adversre credit unsecure loan',don't panic since the info in this web page will prove to be helpful.
How does the unsecured interest rate work?
Unsecured loan rates are generally fixed for the length of the unsecured loan contract, which means you know exactly the amount you are required to pay back each month. The drawback is that you could potentially repay more than others who are offered a similar unsecured loan amount in six months' time - then again, you could pay less! Either way, you will not need to be anxious about your loan instalments increasing. Some unsecured loan providers will insist that you arrange a direct debit for the loan instalments. Usually, the rate of interest is smaller if you take out a larger unsecured loan. With unsecured loans, the essential factor to look for is the Annual Percentage Rate (APR). In addition, it is crucial to know the amount the unsecured loan will cost you in total.
Do unsecured loans include a credit history check?
Yes, unsecured loan providers have to be certain that borrowers represent a 'good risk' and therefore do not have a record of credit problems and outstanding debts. To do this, the unsecured lender will get your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. A poor credit record won't inevitably preclude you from obtaining an unsecured loan, but chances are you will get an offer with an increased rate of interest. You may find it more difficult to obtain a personal unsecured loan when you are self employed or have a temporary employment agreement.
What is an unsecured loan protection insurance?
This is an insurance policy you can take out to pay (under certain conditions) the monthly loan repayments when you are incapable of doing so - for instance, if 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 expensive and if your financial position is unstable, is it prudent to be increasing your debt load on top of it all? If you would rather have a loan payment protection plan, ask about exclusions and small print which could make it hard for you to benefit from the insurance.
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