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A personal unsecured loan means exactly what it says, a loan 'not secured' on your assets, that you can spend as you wish. A lot of people use them to buy a new car, a dream holiday, house renovations, or maybe to pay off crippling credit card debts in one go, therefore letting you to extend the repayments over a longer term at a lower interest rate.
With an unsecured loan, how much is it possible to borrow?
You can usually get an unsecured personal loan for up to £15,000 (if you have a good credit record) however, certain unsecured loan companies can give you up to £25,000 unsecured (if you have an EXCELLENT credit history). Then again, bear in mind that you are required to have the available income to meet all the loan repayments. With unsecured loans, you can frequently get approval in principle over the phone.
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What are the maximum and minimum repayment periods for an unsecured loan?
In part this depends on the unsecured loan company. Some unsecured loan companies will offer an unsecured loan for as little as 12 months, although a 5 to 7 year term is more likely. The maximum unsecured loan length is usually 7 years but certain unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are more suitable for applicants who want to repay the money borrowed over a few years. For people who only need the money for a period of, for example, six months, using a credit card may be cheaper.
How does an unsecured loan interest rate operate?
Unsecured loan rates are usually fixed for the duration of the unsecured lending agreement, which means you know exactly how much you will pay back monthly. The disadvantage is that you might possibly pay more than others who are offered a similar unsecured loan amount in six months' time - on the other hand, you could pay less! Either way, you will not need to worry about your loan instalments shooting up. A lot of unsecured loan providers will require that you agree to a direct debit for the loan repayments. Normally, the loan interest rate is less if you borrow a bigger unsecured loan amount. With unsecured loans, the most important point to look for is the Annual Percentage Rate (APR). Additionally, it's important to know how much the unsecured loan will cost you in total.
Will there be a credit history check?
Yes, unsecured loan companies want to make sure that borrowers represent an 'acceptable risk' and therefore do not have a history of credit problems and outstanding debts. To achieve this, the unsecured lender will check your credit file from a credit reference agency - Equifax, CallCredit plc or Experian. A bad credit record won't necessarily hinder you from getting a personal unsecured loan, nonetheless, in all probability you will get an offer with an increased rate of interest. You might find it more difficult to obtain a personal unsecured loan when you are self employed or are on a short-term contract.
What is an unsecured loan insurance ?
This is an insurance you can buy to pay (under certain conditions) the monthly loan repayments in the event you are unable to - for example, if you've lost your job. Evaluate with care if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial position is shaky, is it wise to be going further into debt on top of it all? If you do want a loan payment protection plan, look into exclusions and small print which could make it difficult for you to claim from the insurance.
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