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An unsecured loan is what it says, a loan 'not secured' on your assets, for you to spend as you would like. People often use them to get a car, a dream holiday, home improvements, or even to clear spiralling credit card bills in a single go, thus freeing you to spread the reimbursements over a longer period with a lower interest charge.

With an unsecured loan, how much is it possible to borrow?
You can usually take out an unsecured personal loan for up to £15,000 (if you have a good credit history) however, certain unsecured loan companies can give you as much as £25,000 unsecured (if you have an EXCELLENT credit rating). Nonetheless, remember that you should have the income to meet the monthly loan repayments. With unsecured loan applications, you can frequently be approved in principle over the telephone.

What are the min/max repayment periods for an unsecured loan?
In part this is up to the unsecured loan company. A number of unsecured loan companies will provide an unsecured loan for as little as one year, however, a 5 to 7 year term is more likely. The maximum unsecured loan length is normally 7 years but certain unsecured lenders will lend over 10 years. Unsecured loans are suitable for applicants who want to repay a purchase within a few years. For those who only want the money for a short period, for instance, six months, using your credit card may make more sense. In their search to get information about this subject, lots of people have mistakenly typed in misspelled search phrase for example 'garaunteed unsecure personal loan', 'bad credit unserced loans' or even 'guaranteed unsecures loans'.

How does an unsecured loan interest rate operate?
Unsecured loan APRs are generally fixed for the whole term of the unsecured lending agreement, which means you know exactly how much you have to pay back every month. The disadvantage is that you could pay more than borrowers who are offered a similar unsecured loan in 6 months' time - then again, you may very well pay less! Either way, you do not have to worry about you unsecured loan instalments rising uncontrollably. Many unsecured loan providers will insist that you arrange a direct debit for the loan instalments. Usually, the loan interest charge is lower if you take out a larger unsecured loan. With unsecured loans, the crucial element to be aware of is the Annual Percentage Rate (APR). It's also advisable to be aware of how much the unsecured loan will cost you in total.

Will I have to pass a credit check?
Yes, unsecured loan companies want to ensure that you represent a 'good risk' and therefore don't carry a record of poor credit and unpaid debts. To achieve this, the unsecured lender will obtain your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. A poor credit record will not automatically preclude you from getting an unsecured loan, however, chances are you will be charged a higher level of loan interest rate. You might find it harder to obtain a personal unsecured loan if you are a sole trader or if your employment status is temporary.

What is an unsecured loan payment protection insurance?
This is an insurance plan you can take out to pay (under certain conditions) the monthly repayments of the loan in the event you are incapable of doing so - for example, if you've lost your job. Consider with care if you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial position is unstable, is it wise to be increasing your debt load on top of it all? If you do want a payment protection insurance, look into exclusions and small print which could make it impossible for you to claim from the policy.

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