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A personal unsecured loan is what it says, a loan 'not secured' on your property, that you can spend as you would like. A lot of people use them to buy a car, a special holiday, house renovations, or maybe to pay off spiralling credit card debts in one go, therefore letting you to extend the reimbursements over a longer period with a smaller APR.

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 record) but a number of unsecured lenders can give you as high as £25,000 unsecured (if you have an EXCELLENT credit record). Nevertheless, bear in mind that you must have the financial capacity to meet the loan instalments. With unsecured loan products, you can frequently be approved in principle over the phone.

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What are the min/max repayment terms for an unsecured loan?
In part this depends on the unsecured loan company. Some unsecured lenders can give an unsecured loan for as little as 1 year, although a 5 to 7 year term is more common. The maximum unsecured loan term is generally seven years but certain unsecured loan companies will lend over 10 years. Unsecured loans are suitable for applicants who want to pay back the money borrowed within a few years. If you only need the money for a period of, say, six months, borrowing from your credit card may be more suitable.

How does the unsecured interest rate work?
Unsecured loan rates are normally fixed for the whole term of the unsecured loan agreement, which means you know precisely the amount you have to repay every month. The disadvantage is that you might pay more than borrowers who take out a similar unsecured loan amount in 6 months' time - on the other hand, you may very well pay less! Either way, you will not have to be concerned about loan repayments increasing. Some unsecured loan providers will require that you arrange a direct debit for the loan payments. Usually, the loan interest rate is less if you take out a larger unsecured loan. With unsecured loans, the crucial factor to look for is the Annual Percentage Rate (APR). Additionally, it's essential to be aware of how much the unsecured loan will cost you in total.

Do unsecured loan applications include a credit check?
Yes, unsecured lenders need to be certain that loan applicants are a 'low risk' and therefore don't carry a record of credit problems and neglected debts. To ensure this, the unsecured lender will request your credit record from a credit reference agency - CallCredit plc, Equifax or Experian. An adverse credit past won't necessarily hinder you from obtaining an unsecured personal loan nevertheless, you will probably be given an increased unsecured 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 payment protection insurance?
This is an insurance cover you can purchase to pay for (under certain conditions) the monthly repayments of the loan in the situation where you are unable to - for example, if you have lost your job. Think carefully whether this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are shaky, is it prudent to be going further into debt anyway? If you decide that you do need a loan payment protection plan, check out the exclusions and small print which could make it harder for you to claim from the insurance.

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