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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. A lot of people use them to pay for a new car, the holiday of a lifetime, home improvements, or even to pay off costly credit card debts at one time, therefore allowing you to extend the instalments over a longer period with a smaller interest charge.
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 history) but certain unsecured loan companies can give you up to £25,000 unsecured (if you have an EXCELLENT credit history). Then again, don't forget that you must have the income to make the loan repayments. With unsecured lenders, you can frequently get approval in principle over the phone.
What are the min/max repayment periods for an unsecured loan?
In part this is up to the unsecured loan company. A number of unsecured loan companies can grant an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more likely. The maximum unsecured loan term is typically seven years but some unsecured loan companies will loan over 10 years. Unsecured loans make most sense for borrowers who want to pay back a purchase within a few years. If you only want the money over, say, 6 months, using a credit card may be cheaper. In the event you found this web page because you misspelt your search term with spellings like 'consolidate debt unsecure loan', '10 year unsecure loans' or even 'best unsercured loans', don't panic due to the fact the online content herein will prove insightful.
How does the unsecured interest rate work?
Unsecured loan rates are normally fixed for the whole term of the unsecured lending agreement, which means you know specifically how much you will have to repay monthly. The disadvantage is that you could pay more than other borrowers who take out a similar unsecured loan in six months' time - on the other hand, you could pay less! Either way, you have no need to be concerned about your loan instalments increasing. Many unsecured loan providers will request that you agree to a direct debit for the loan repayments. Typically, the loan interest rate is less if you take out a larger unsecured loan amount. With unsecured loans, the essential element to look for is the Annual Percentage Rate (APR). In addition, it is important to be aware of how much the unsecured loan will cost you in total.
Do unsecured loans include a credit check?
Yes, unsecured loan providers need to be satisfied that applicants represent an 'acceptable risk' and therefore don't carry a history of bad credit and overdue debts. To achieve this, the unsecured lender will get your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. An impaired credit history will not automatically prevent you from obtaining an unsecured personal loan nevertheless, you will probably have to pay a higher unsecured loan interest rate. You might find it more difficult to obtain an unsecured personal loan when you are self employed or are on a short-term contract.
What is an unsecured loan protection insurance?
This is an insurance plan you can take out to pay (under certain conditions) the unsecured loan monthly repayments in the situation where you are incapable of doing so - for example, when you have lost your job. Think carefully if you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial position is unsteady, is it the best move for you to be extending your debt burden anyway? If you do need a loan payment protection plan, ask about exclusions and small print which could make it impossible for you to benefit from the cover.
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