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Getting in depth info related to guarantor loans may not be easy but we've gathered truly useful and relevant information related to the issue, with the main aim of helping you out. Even if your search is related to other 'loans refused' information, such as 'lenders loans', 'high risk unsecured loans' or even 'flexible unsecured loans', this page could prove really helpful, to say the least.
An unsecured loan means exactly what it says, a loan 'not secured' on your home, that you can use as you want. Many people use them to purchase a new car, a dream holiday, house renovations, or possibly to settle costly credit card bills in one go, so allowing you to stretch the reimbursements over a longer period with a smaller APR.
With an unsecured loan, what amount can I borrow?
You can normally take out an unsecured loan for up to £15,000 (if you have a good credit history) however, some unsecured loan companies can give you up to £25,000 unsecured (if you have an EXCELLENT credit history). Then again, bear in mind that you have to be able to afford all the loan repayments. With unsecured loan products, you can normally be approved in principle over the phone.
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What are the maximum and minimum repayment periods for an unsecured loan?
This partly depends on the unsecured loan provider. A number of unsecured lenders will give an unsecured loan for as little as 12 months, though a 5 to 7 year term is more frequent. The maximum unsecured loan term is generally seven years but certain unsecured lenders will loan over 10 years. Unsecured loans are best for borrowers who want to pay back something within a few years. For those who only want the money for a period of, say, six months, using a credit card may be more suitable. In the event you found this page because you misspelt your search word with spellings like 'bad credit unsecurd loans', 'consumer lending unsecurd loans' or 'bad credit loans unsercured', don't panic since the online information herein should prove insightful.
How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the whole term of the unsecured loan contract, which means you know exactly how much you are required to repay monthly. The drawback is that you could potentially pay more than others who get a similar unsecured loan in 6 months' time - then again, you might pay less! Either way, you will not have to be concerned about unsecured loan repayments soaring. Many unsecured loan companies will require that you set up a direct debit for the loan payments. Typically, the loan interest rate is lower if you take out a larger unsecured loan. With unsecured loans, the critical point to note is the Annual Percentage Rate (APR). Additionally, it's advisable to be aware of the amount the unsecured loan will cost you in total.
Do unsecured loan applications include a credit history check?
Yes, unsecured loan providers need to make sure that loan applicants are a 'low risk' and therefore don't carry a past of poor credit and neglected debts. To accomplish this, the unsecured lender will get your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. An adverse credit record won't necessarily stop you from getting an unsecured loan, however, chances are you will get an offer with an increased rate of interest. You might find it more difficult to get approved for an unsecured loan if you are a sole trader or if your employment status is temporary.
What is an unsecured loan insurance ?
This is an insurance policy you can get to pay for (under certain conditions) the monthly loan repayments when you are unable to - for example, if you've lost your job. Consider carefully whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are precarious, is it the best move for you to be borrowing more money on top of it all? If you do need a payment protection insurance, look into exclusions and small print which could make it hard for you to claim from the cover.
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