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A personal unsecured loan is what it says, a loan 'not secured' on your property, for you to spend as you would like. People tend to use them to pay for a car, the holiday of a lifetime, home improvements, or maybe to clear crippling credit card bills at one time, so freeing you to extend the installments over a longer period at a lower interest charge.

With an unsecured loan, how much can I borrow?
You can generally get a personal unsecured loan for up to £15,000 (if you have a good credit record) however, certain unsecured loan companies can grant you up to £25,000 unsecured (if you have an EXCELLENT credit rating). Then again, bear in mind that you have to have the income to meet all the loan repayments. With unsecured loan products, you can frequently be approved in principle over the telephone.

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What are the maximum & minimum repayment terms for an unsecured loan?
This partly is determined by the unsecured loan provider. A number of unsecured loan companies could offer an unsecured loan for as little as one year, although a 5 to 7 year term is more common. The maximum unsecured loan term is normally 7 years but certain unsecured loan companies will loan over 10 years. Unsecured loans are more suitable for applicants who want to repay a purchase over a few years. If you only need the money for a period of, for example, 6 months, borrowing from your credit card may be cheaper.

How does the unsecured interest rate work?
Unsecured loan interest rates are generally fixed for the duration of the unsecured loan contract, which means you know specifically the amount you are required to repay per month. The drawback is that you could repay more than other borrowers who are offered a similar unsecured loan amount in six months' time - then again, you could pay less! Either way, you have no need to be anxious about your unsecured loan payments rising uncontrollably. Many unsecured loan companies will request that you arrange a direct debit for the loan repayments. Typically, the loan interest rate is lower when you borrow a bigger unsecured loan amount. With unsecured loans, the critical factor to note is the Annual Percentage Rate (APR). It's also crucial to be aware of the amount the unsecured loan will cost you in total.

Do unsecured loan applications include a credit score check?
Yes, unsecured loan companies want to be satisfied that loan applicants are a 'low risk' and therefore do not have a history of poor credit and neglected debts. To do this, the unsecured loan company will obtain your credit history from a credit reference agency - Equifax, Experian and CallCredit plc. An adverse credit record won't inevitably prevent you from getting a personal unsecured loan, nevertheless, in all probability you will be charged a higher level of loan interest rate. You may find it harder to get approved for an unsecured loan if you are a contractor or have a temporary employment agreement.

What is an unsecured loan insurance ?
This is an insurance cover you can buy to pay for (under certain conditions) the monthly repayments of the loan should your circumstances mean that you cannot - for example, if you've lost your job. Think carefully if you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial position is unsteady, is it wise to be going further into debt on top of it all? If you would rather have a payment protection insurance, enquire about exclusions and small print which could make it difficult for you to benefit from the plan.

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