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A personal unsecured loan is what it says, a loan 'not secured' on your house, that you can use as you wish. People tend to use them to purchase a new car, a dream holiday, home improvements, or even to clear spiralling credit card bills in a single go, thus letting you to spread the payments over a longer term at a lower interest charge.
With an unsecured loan, what amount can I borrow?
You can normally take out a personal unsecured loan for up to £15,000 (if you have a good credit history) however, some unsecured lenders can offer you as high as £25,000 unsecured (if you have an EXCELLENT credit rating). However, keep in mind that you must have the income to make the monthly loan repayments. With unsecured loans, you can often 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 lender. Some unsecured lenders can give an unsecured loan for as little as 1 year, though 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 make most sense for those who want to repay a purchase over a few years. For those who only need the money over, for example, 6 months, using your credit card may be cheaper. You may have found this text after looking for any of the misspelt search terms, like 'cheap unsecrued loans', '60 000 loan unsecure' or even 'guarantor unsercured loan'. However, the information here will prove insightful.
How does the unsecured interest rate work?
Unsecured loan APRs are normally fixed for the duration of the unsecured loan contract, which means you know precisely the amount you will pay back monthly. The drawback is that you could repay more than borrowers who borrow a similar unsecured loan in six months' time - then again, you could pay less! Either way, you will not have to be concerned about unsecured loan repayments escalating. Some unsecured lenders will require that you set up a direct debit for the loan instalments. Typically, the loan interest charge is smaller if you take out a larger unsecured loan. With unsecured loans, the crucial factor to check out is the Annual Percentage Rate (APR). Additionally, it's crucial to find out the amount the unsecured loan will cost you in total.
Will there be a credit check?
Yes, unsecured loan providers have to ensure that borrowers are a 'good risk' and therefore do not have a past of credit problems and overdue debts. To do this, the unsecured lender will obtain your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. An adverse credit record won't inevitably hinder you from getting an unsecured personal loan nevertheless, you will most likely get an offer with an increased rate of interest. You may find it harder to get approved for an unsecured personal loan if you are self-employed or if you are just starting a new employment contract.
What is an unsecured loan protection insurance?
This is an insurance you can take out to pay (under certain conditions) the unsecured loan monthly payments in the situation where you are unable to - for example, if you've lost your job. Think carefully whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently expensive and if your financial circumstances are shaky, is it prudent to be extending your debt burden on top of it all? If you decide that you would rather have a payment protection insurance, enquire about exclusions and small print which might make it harder for you to claim from the cover.
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