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An unsecured loan is what it says, a loan 'not secured' on your home, that you can use as you want. People often use them to get a car, the holiday of a lifetime, house renovations, or even to pay off spiralling credit card debts in one go, so letting you to spread the repayments over a longer term with a lower interest charge.
With an unsecured loan, how much can I borrow?
You can generally get an unsecured personal loan for up to £15,000 (if you have a good credit record) however, a number of unsecured lenders can offer you as high as £25,000 unsecured (if you have an EXCELLENT credit record). Then again, keep in mind that you have to have the available income to make the loan repayments. With unsecured loans, you can normally get approval in principle over the telephone.
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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 offer an unsecured loan for as little as one year, however, a 5 to 7 year term is more usual. The maximum unsecured loan length is generally 7 years but certain unsecured loan companies will lend over 10 years. Unsecured loans are suitable for those who want to pay back the loan over a few years. If you only want the money for a period of, for example, 6 months, borrowing from your credit card may be more suitable.
How does the unsecured interest rate work?
Unsecured loan interest rates are generally fixed for the length of the unsecured loan contract, which means you know exactly how much you must repay per month. The drawback is that you could potentially repay more than others who borrow a similar unsecured loan amount in 6 months' time - on the other hand, you may very well pay less! Either way, you do not have to be anxious about unsecured loan repayments soaring. Many unsecured lenders will request that you arrange a direct debit for the loan payments. Usually, the rate of interest is smaller when you borrow a larger unsecured loan amount. With unsecured loans, the essential factor to be aware of is the Annual Percentage Rate (APR). Additionally, it's advisable to consider how much the unsecured loan will cost you in total.
Do unsecured loans include a credit history check?
Yes, unsecured loan providers have to ensure that loan applicants represent a 'good risk' and therefore do not have a record of adverse credit and overdue debts. To ensure this, the unsecured loan company will request your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. An adverse credit history won't necessarily hinder you from getting an unsecured loan, nonetheless, you will probably be charged a higher rate of interest. You might find it harder to get approved for an unsecured personal loan when you are self employed or have a temporary employment agreement.
What is an unsecured loan insurance ?
This is an insurance policy you can get to pay (under certain conditions) the unsecured loan monthly payments if you are unable to - for instance, when you have lost your job. Consider carefully if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently expensive and if your financial circumstances are unstable, is it wise to be increasing your debt load on top of it all? If you decide that you do need a loan payment protection plan, look into exclusions and small print which could make it hard for you to claim from the insurance.
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