Unsecured Loans With No Need For A Guarantor
An unsecured loan means exactly what it says, a loan 'not secured' on your home, that you can spend as you wish. People often use them to pay for a car, a special holiday, house renovations, or possibly to settle crippling credit card debts at one time, therefore allowing you to make the instalments over a longer period with a smaller APR.
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 history) but a number of unsecured lenders can offer you up to £25,000 unsecured (if you have an EXCELLENT credit record). However, remember that you should have the available income to meet the loan instalments. With unsecured loans, you can frequently get approval in principle over the telephone.
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What are the min/max repayment terms for an unsecured loan?
In part this is determined by the unsecured lender. A number of unsecured lenders could provide an unsecured loan for as little as one year, however, a 5 to 7 year term is more frequent. The maximum unsecured loan length is typically 7 years but some unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans make most sense for borrowers who want to repay the money borrowed within a few years. If you simply need the money for a short period, for example, 6 months, purchasing with a credit card may be more suitable.
How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the duration of the unsecured loan agreement, which means you know specifically the amount you will pay back monthly. The drawback is that you could pay more than people who get a similar unsecured loan amount in 6 months' time - on the other hand, you might pay less! Either way, you will not need to be anxious about unsecured loan repayments shooting up. Many unsecured loan companies will insist that you take out a direct debit for the loan payments. Generally, the loan interest rate is smaller if you borrow a larger unsecured loan. With an unsecured loan, the key point to note is the Annual Percentage Rate (APR). In addition, it is crucial to know how much the unsecured loan will cost you in total.
Will I have to pass a credit check?
Yes, unsecured loan companies need to be satisfied that you represent an 'acceptable risk' and therefore do not have a past of bad debts and overdue debts. To do this, the unsecured loan company will check your credit file from a credit reference agency - CallCredit plc, Equifax or Experian. An adverse credit past will not automatically preclude you from obtaining an unsecured personal loan however, chances are you will have to pay a higher unsecured loan interest rate. You may find it more difficult to get an unsecured loan when you are self employed or are on a short-term contract.
What is an unsecured loan insurance ?
This is an insurance plan you can purchase to pay (under certain conditions) the unsecured loan monthly payments should your circumstances mean that you cannot - for example, if you have lost your job. Consider carefully if you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial position is uncertain, is it the best move for you to be extending your debt burden on top of it all? If you do want a payment protection insurance, look into exclusions and small print which might make it harder for you to claim from the policy.
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