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A personal unsecured loan means exactly what it says, a loan 'not secured' on your house, for you to use as you wish. A lot of people use them to purchase a car, the holiday of a lifetime, house renovations, or possibly to pay off crippling credit card bills in a single go, thus allowing you to stretch the payments over a longer time with a lower APR.
With an unsecured loan, how much can I borrow?
You can generally take out an unsecured loan for up to £15,000 (if you have a good credit history) but some unsecured lenders can offer you as high as £25,000 unsecured (if you have an EXCELLENT credit rating). However, remember that you are required to have the financial capacity to meet the loan repayments. With unsecured loan companies, you can often be approved in principle over the phone.
What are the min/max repayment periods for an unsecured loan?
This partly is determined by the unsecured lender. Some unsecured loan companies would grant an unsecured loan for as little as twelve months, though a 5 to 7 year term is more usual. The maximum unsecured loan length is usually 7 years but certain unsecured lenders will lend over 10 years. Unsecured loans are more suitable for people who want to pay back the money borrowed over a few years. If you simply need the money over, say, six months, borrowing from a credit card may be more suitable. Many online users found this article with a mis spelt keyphrases for instance 'adverse credit unsercure loans', 'best unsecure loans' or even 'fast unsercured personal loans'.
How does the unsecured interest rate work?
Unsecured loan APRs are usually fixed for the whole term of the unsecured lending agreement, which means you know precisely the amount you have to repay every month. The disadvantage is that you might repay more than people who take out a similar unsecured loan amount in 6 months' time - then again, you might pay less! Either way, you have no need to worry about your loan instalments shooting up. A lot of unsecured loan providers will insist that you set up a direct debit for the loan payments. Normally, the loan interest charge is lower when you take out a larger unsecured loan amount. With unsecured loans, the crucial point to note is the Annual Percentage Rate (APR). It's also advisable to be aware of how much the unsecured loan will cost you in total.
Will I have to pass a credit check?
Yes, unsecured loan providers want to ensure that borrowers are an 'acceptable risk' and therefore do not have a history of adverse credit and neglected debts. To accomplish this, the unsecured loan provider will request your credit history from a credit reference agency - Experian, Equifax or CallCredit plc. A bad credit history won't inevitably stop you from getting an unsecured loan, nevertheless, you will most likely be charged a higher level of loan interest rate. You may find it harder to obtain an unsecured loan if you are a sole trader or if your employment status is temporary.
What is an unsecured loan protection insurance?
This is an insurance you can get to pay (under certain conditions) the monthly repayments of the loan when you are unable to - for instance, if you've lost your job. Evaluate with care if you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial situation is unsteady, is it prudent to be borrowing more money on top of it all? Should you decide you do want a loan payment protection plan, enquire about exclusions and small print which might make it difficult for you to benefit from the plan.
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