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An unsecured loan is precisely what it suggests, a loan 'not secured' on your property, that you can use as you would like. Many people use them to get a car, the holiday of a lifetime, house renovations, or even to settle spiralling credit card bills in one go, so giving you freedom to make the reimbursements over a longer period with a smaller interest rate.
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 some unsecured lenders can offer you up to £25,000 unsecured (if you have an EXCELLENT credit record). However, bear in mind that you have to have the available 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?
This partly is determined by the unsecured lender. Some unsecured loan companies will give an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more frequent. The maximum unsecured loan length is usually seven years but certain unsecured lenders will lend over 10 years. Unsecured loans are suitable for those who want to repay something within a few years. For those who only need the money for a period of, for instance, 6 months, using a credit card may make more sense. Many people found this web page with a misspelled search terms for instance 'guarantor unsercured loan', 'immediate loan unsecure' or even 'adverse credit unsecure loans'.
How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the length of the unsecured loan contract, which means you know precisely the amount you will repay each month. The drawback is that you could repay more than people who are offered a similar unsecured loan amount in six months' time - then again, you may very well pay less! Either way, you have no need to be anxious about your loan payments shooting up. A lot of unsecured loan companies will insist that you agree to a direct debit for the loan payments. Generally, the loan interest charge is smaller if you borrow a bigger unsecured loan amount. With unsecured loans, the crucial factor to look for is the Annual Percentage Rate (APR). Additionally, it's important to be aware of the amount the unsecured loan will cost you in total.
Will I have to pass a credit check?
Yes, unsecured loan companies need to ensure that you are an 'acceptable risk' and therefore don't carry a past of bad debts and neglected debts. To ensure this, the unsecured loan company will obtain your credit file from a credit reference agency - Experian, Equifax or CallCredit plc. An impaired credit past won't necessarily preclude you from getting an unsecured loan, nevertheless, chances are you will be charged a higher rate of interest. You may find it more difficult to get a personal unsecured loan if you are a sole trader or if you have a short term employment contract.
What is an unsecured loan protection insurance?
This is an insurance cover you can purchase to pay (under certain conditions) the monthly repayments of the loan in the situation where you cannot - for instance, if you have lost your job. Evaluate carefully whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are uncertain, is it the best move for you to be extending your debt burden on top of it all? If you decide that you do want a payment protection insurance, check out the exclusions and small print which could make it difficult for you to claim from the policy.
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