Debt Management Plans Guaranteed For Large Unsecured Debts

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An unsecured loan means exactly what it says, a loan 'not secured' on your assets, that you can spend as you would like. Many people use them to get a car, the holiday of a lifetime, home improvements, or maybe to settle costly credit card debts in a single go, so freeing you to make the instalments over a longer term with a lower interest rate.

With an unsecured loan, how much money can I borrow?
You can typically get an unsecured loan for up to £15,000 (if you have a good credit record) but some unsecured lenders can grant you up to £25,000 unsecured (if you have an EXCELLENT credit record). However, keep in mind that you must have the income to meet the loan repayments. With unsecured loans, you can normally get approval in principle over the phone.

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What are the maximum & minimum repayment terms for an unsecured loan?
This partly is up to the unsecured loan provider. Some unsecured loan companies would offer an unsecured loan for as little as 1 year, although a 5 to 7 year term is more likely. The maximum unsecured loan length is generally seven years but a number of unsecured lenders will loan over 10 years. Unsecured loans make most sense for applicants who want to pay back the money borrowed within a few years. If you simply need the money for a period of, for instance, 6 months, purchasing with a credit card may be cheaper.

How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the length of the unsecured loan agreement, which means you know precisely how much you are required to repay monthly. The disadvantage is that you might possibly repay more than borrowers who take out a similar unsecured loan in six months' time - on the other hand, you could pay less! Either way, you will not have to be anxious about your loan instalments escalating. A lot of unsecured loan providers will insist that you set up a direct debit for the loan repayments. Normally, the loan interest rate is less when you borrow a bigger unsecured loan amount. With an unsecured loan, the key element to be aware of is the Annual Percentage Rate (APR). In addition, it is crucial to be aware of how much the unsecured loan will cost you in total.

Will there be a credit check?
Yes, unsecured loan companies have to ensure that applicants represent a 'good risk' and therefore don't carry a record of credit problems and outstanding debts. To ensure this, the unsecured loan provider will obtain your credit file from a credit reference agency - Equifax, Experian and CallCredit plc. A poor credit record won't inevitably hinder you from obtaining an unsecured personal loan nevertheless, there is a good chance you will get an offer with an increased rate of interest. You might find it harder to get approved for an unsecured loan if you are a sole trader or are on a short-term contract.

What is an unsecured loan protection insurance?
This is an insurance plan you can buy to pay (under certain conditions) the unsecured loan monthly payments when you cannot - for instance, if you've lost your job. Evaluate with care 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 going further into debt anyway? If you decide that you do need a payment protection insurance, enquire about exclusions and small print which might make it hard for you to benefit from the cover.

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