Credit Card Debt Management For Low Income With Large Unsecured Loans
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An unsecured loan means exactly what it says, a loan 'not secured' on your home, for you to spend as you want. Many people use them to purchase a car, a dream holiday, house renovations, or even to clear crippling credit card bills in one go, so freeing you to stretch the installments over a longer time with a lower interest rate.
With an unsecured loan, how much can I borrow?
You can generally get an unsecured loan for up to £15,000 (if you have a good credit history) but certain unsecured loan companies can give you up to £25,000 unsecured (if you have an EXCELLENT credit record). Nevertheless, remember that you are required to have the available income to make all the loan repayments. With unsecured loans, you can frequently be approved in principle over the phone.
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What are the min/max repayment periods for an unsecured loan?
In part this depends on the unsecured loan provider. A number of unsecured loan companies could provide an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more likely. The maximum unsecured loan term is normally 7 years but a number of unsecured loan companies will lend over 10 years. Unsecured loans are more suitable for people who want to repay the money borrowed within a few years. For those who only need the money for a short period, for example, 6 months, borrowing from your credit card may be cheaper. You may have found this article after looking for any of the misspelt keywords, such as 'cheap unsecure loans', 'an unsecure loan means' or 'bad credit unsercured loans'. However, the information here should prove insightful.
How does the unsecured interest rate work?
Unsecured loan interest rates are usually fixed for the whole term of the unsecured lending agreement, which means you know precisely how much you will repay each month. The disadvantage is that you could repay more than other borrowers who are offered a similar unsecured loan in six months' time - then again, you might pay less! Either way, you do not have to be concerned about loan repayments rising uncontrollably. Some unsecured lenders will request that you take out a direct debit for the loan instalments. Generally, the rate of interest is smaller when you take out a bigger unsecured loan amount. With unsecured loans, the essential point to check out is the Annual Percentage Rate (APR). In addition, it is essential to consider the amount the unsecured loan will cost you in total.
Will there be a credit history check?
Yes, unsecured loan providers want to ensure that loan applicants represent an 'acceptable risk' and therefore don't carry a record of adverse credit and overdue debts. To do this, the unsecured loan company will check your credit history from a credit reference agency - CallCredit plc, Equifax or Experian. An impaired credit record will not automatically preclude you from obtaining an unsecured personal loan but you will most likely have to pay a higher unsecured loan interest rate. You might find it more difficult to obtain an unsecured loan if you are a sole trader or if you are just starting in a new job.
What is an unsecured loan protection insurance?
This is an insurance plan you can buy to pay (under certain conditions) the monthly loan repayments when you are unable to - for example, when you have lost your job. Think with care whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial situation is unsteady, is it wise to be borrowing more money anyway? If you decide that you would rather have a loan payment protection plan, check out the exclusions and small print which might make it difficult for you to benefit from the cover.
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