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An unsecured loan means exactly what it says, a loan 'not secured' on your assets, that you can use as you would like. A lot of people use them to purchase a car, a dream holiday, home improvements, or even to clear crippling credit card bills in one go, so giving you freedom to spread the instalments over a longer time at a lower interest charge.
With an unsecured loan, how much is it possible to borrow?
You can usually get an unsecured personal loan for up to £15,000 (if you have a good credit history) but a number of unsecured lenders can give you as much as £25,000 unsecured (if you have an EXCELLENT credit rating). Nevertheless, keep in mind that you have to have the income to meet the loan repayments. With unsecured loan applications, you can normally be approved in principle over the telephone.
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What are the maximum and minimum repayment periods for an unsecured loan?
In part this is up to the unsecured loan company. Some unsecured lenders will provide an unsecured loan for as little as 12 months, although a 5 to 7 year term is more common. The maximum unsecured loan term is typically 7 years but some unsecured lenders will loan over 10 years. Unsecured loans make most sense for people who want to repay the money borrowed within a few years. If you simply want the money over, for example, 6 months, using your credit card may be more suitable. For info, a lot of internet users searching for information about this topic, make the mistake of searching using mis-spelt search terms such as 'cheap rate unsecure loans', 'bad credit unsercured loans' or even 'apply insecure loan'.
How does the unsecured interest rate work?
Unsecured loan APRs are usually fixed for the whole term of the unsecured loan contract, which means you know precisely the amount you are required to repay monthly. The drawback is that you could potentially pay more than people who take out a similar unsecured loan amount in 6 months' time - then again, you could pay less! Either way, you will not have to be anxious about you unsecured loan instalments rising uncontrollably. Some unsecured loan companies will insist that you take out a direct debit for the loan payments. Generally, the rate of interest is lower if you borrow a bigger unsecured loan amount. With an unsecured loan, the key point to check out is the Annual Percentage Rate (APR). Additionally, it's crucial to be aware of the amount the unsecured loan will cost you in total.
Will there be a credit history check?
Yes, unsecured loan companies need to ensure that loan applicants represent a 'good risk' and therefore don't carry a history of credit problems and neglected debts. To accomplish this, the unsecured lender will get your credit file from a credit reference agency - Equifax, CallCredit plc or Experian. An adverse credit past will not automatically stop you from obtaining a personal unsecured loan, nevertheless, chances are you will have to pay a higher unsecured loan interest rate. You may find it harder to obtain a personal unsecured loan if you are a contractor or if you are just starting a new employment contract.
What is an unsecured loan insurance ?
This is an insurance cover you can get to pay (under certain conditions) the monthly repayments of the loan when you are incapable of doing so - for example, if you have lost your job. Evaluate with care 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 going further into debt anyway? If you would rather have a loan payment protection plan, check out the exclusions and small print which could make it hard for you to benefit from the cover.
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