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An unsecured loan means exactly what it says, a loan 'not secured' on your house, for you to spend as you would like. A lot of people use them to purchase a car, a special holiday, home improvements, or maybe to settle spiralling credit card debts in a single go, thus freeing you to make the payments over a longer time with a lower interest rate.
With an unsecured loan, what amount can I borrow?
You can normally get an unsecured personal loan for up to £15,000 (if you have a good credit record) but a number of unsecured lenders can offer you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, remember that you must have the income to meet the loan repayments. With unsecured lenders, you can often get approval in principle over the telephone.
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What are the maximum and minimum repayment periods for an unsecured loan?
In part this depends on the unsecured loan provider. Some unsecured lenders will grant an unsecured loan for as little as one year, although a 5 to 7 year term is more frequent. The maximum unsecured loan term is typically 7 years but a number of unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are best for those who want to repay the money borrowed within a few years. If you only need the money for a short period, for instance, six months, borrowing from your credit card may be cheaper. For your information, plenty of people looking for info regarding this subject, make the error of searching using wrongly spelt search terms like 'consumer lending unsecurd loans', 'cheapest unsecure loans' or 'fast unsercured personal loans'.
How does the unsecured interest rate work?
Unsecured loan interest rates are usually fixed for the whole term of the unsecured loan contract, which means you know exactly how much you will repay monthly. The drawback is that you might possibly repay 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 anxious about your loan payments soaring. Some unsecured lenders will insist that you take out a direct debit for the loan instalments. Normally, the loan interest charge is lower when you borrow a bigger unsecured loan amount. With unsecured loans, the most significant element to note is the Annual Percentage Rate (APR). Additionally, it's essential to know how much the unsecured loan will cost you in total.
Do unsecured loan applications include a credit check?
Yes, unsecured loan providers want to be certain that applicants represent a 'good risk' and therefore do not have a record of credit problems and neglected debts. To accomplish this, the unsecured loan provider will get your credit file from a credit reference agency - Experian, Equifax or CallCredit plc. A bad credit history won't necessarily hinder you from obtaining a personal unsecured loan, however, in all probability you will have to pay a higher unsecured loan interest rate. You might find it harder to get approved for an unsecured personal loan if you are a sole trader or if you are just starting a new employment contract.
What is an unsecured loan payment protection insurance?
This is an insurance plan you can purchase to pay (under certain conditions) the monthly repayments of the loan should your circumstances mean that you are unable to - for example, if you have lost your job. Evaluate carefully if you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are precarious, is it wise to be borrowing more money anyway? If you do need a loan payment protection plan, enquire about exclusions and small print which could make it impossible for you to benefit from the cover.
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