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An unsecured loan is what it says, a loan 'not secured' on your assets, that you can spend as you would like. Many people use them to get a car, a special holiday, house renovations, or possibly to settle spiralling credit card bills at one time, therefore letting you to extend the reimbursements over a longer time with a lower APR.
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 history) but some unsecured lenders can offer you as high as £25,000 unsecured (if you have an EXCELLENT credit rating). Nonetheless, bear in mind that you have to have the income to make the loan instalments. With unsecured lenders, you can often be approved in principle over the telephone.
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What are the maximum & minimum repayment terms for an unsecured loan?
This partly is up to the unsecured lender. A number of unsecured loan companies would give an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more common. The maximum unsecured loan length is typically seven years but a number of unsecured loan companies will loan over 10 years. Unsecured loans make most sense for borrowers who want to pay back something within a few years. For people who only need the money over, for example, six months, using a credit card may be cheaper.
How does the unsecured interest rate work?
Unsecured loan APRs are generally fixed for the length of the unsecured loan contract, which means you know exactly the amount you must pay back each month. The drawback is that you might pay more than borrowers who take out a similar unsecured loan amount in 6 months' time - on the other hand, you could pay less! Either way, you will not have to worry about your unsecured loan payments soaring. A lot of unsecured lenders will require that you agree to a direct debit for the loan repayments. Typically, the loan interest rate is smaller when you borrow a larger unsecured loan amount. With unsecured loans, the most significant factor to check out is the Annual Percentage Rate (APR). It's also crucial to know the amount the unsecured loan will cost you in total.
Will there be a credit check?
Yes, unsecured loan companies have to be certain that loan applicants represent a 'low risk' and therefore don't carry a history of adverse credit and unpaid debts. To ensure this, the unsecured loan company will check your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. A bad credit past won't necessarily prevent you from obtaining an unsecured personal loan nevertheless, in all probability you will have to pay a higher unsecured loan interest rate. You may find it harder to obtain a personal unsecured loan if you are a contractor or have a temporary employment agreement.
What is an unsecured loan protection insurance?
This is an insurance cover you can take out to pay (under certain conditions) the monthly repayments of the loan in the situation where you are unable to - for example, if you've lost your job. Evaluate carefully if you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial situation is precarious, is it the best move for you to be going further into debt anyway? Should you decide you do need a loan payment protection plan, check out the exclusions and small print which could make it impossible for you to claim from the cover.
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