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A personal unsecured loan is precisely what it suggests, a loan 'not secured' on your home, for you to use as you want. Many people use them to purchase a new car, a special holiday, home improvements, or even to settle crippling credit card bills at one time, thus giving you freedom to stretch the reimbursements over a longer time at a lower interest charge.
With an unsecured loan, what amount can I borrow?
You can normally 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 record). Nonetheless, keep in mind that you are required to have the income to make every loan repayment. With unsecured loan applications, you can frequently get approval in principle over the phone.
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What are the min/max repayment periods for an unsecured loan?
In part this depends on the unsecured lender. Some unsecured lenders could provide an unsecured loan for as little as one year, though a 5 to 7 year term is more frequent. The maximum unsecured loan term is typically 7 years but some unsecured lenders will loan over 10 years. Unsecured loans are best for people who want to repay a purchase over a few years. If you only need the money for a period of, say, 6 months, borrowing from a credit card may be better.
How does an unsecured loan interest rate operate?
Unsecured loan rates are generally fixed for the whole term of the unsecured lending agreement, which means you know exactly how much you will have to pay back each month. The drawback is that you might possibly pay more than others who are offered a similar unsecured loan amount in six months' time - then again, you might pay less! Either way, you will not have to worry about your unsecured loan payments increasing. A lot of unsecured lenders will require that you set up a direct debit for the loan repayments. Normally, the loan interest charge is smaller when you take out a bigger unsecured loan. With an unsecured loan, the key point to look for is the Annual Percentage Rate (APR). Additionally, it's important to consider the amount the unsecured loan will cost you in total.
Do unsecured loan applications include a credit score check?
Yes, unsecured loan companies need to ensure that applicants represent a 'good risk' and therefore don't carry a record of credit problems and unpaid debts. To achieve this, the unsecured loan provider will obtain your credit history from a credit reference agency - Experian, Equifax or CallCredit plc. An adverse credit history will not automatically preclude you from obtaining a personal unsecured loan, nonetheless, there is a good chance you will be charged a higher level of loan interest rate. You may find it more difficult to get an unsecured loan if you are self-employed or if you are newly employed.
What is an unsecured loan insurance ?
This is an insurance policy you can purchase to pay (under certain conditions) the unsecured loan monthly payments should your circumstances mean that you are incapable of doing so - for instance, if you have lost your job. Evaluate carefully whether you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial situation is unstable, is it the best move for you to be going further into debt on top of it all? If you do want a loan payment protection plan, enquire about exclusions and small print which could make it impossible for you to benefit from the insurance.
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