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An unsecured loan is what it says, a loan 'not secured' on your assets, that you can use as you wish. A lot of people use them to get a new car, the holiday of a lifetime, house renovations, or even to pay off costly credit card debts in one go, thus allowing you to stretch the installments over a longer period at a lower APR.
With an unsecured loan, how much can I borrow?
You can generally get a personal unsecured loan for up to £15,000 (if you have a good credit record) but a number of unsecured lenders can offer you as much as £25,000 unsecured (if you have an EXCELLENT credit record). However, keep in mind that you should have the available income to make every loan repayment. With unsecured loan products, you can frequently get approval in principle over the phone.
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What are the min/max repayment periods for an unsecured loan?
In part this is determined by the unsecured loan company. A number of unsecured lenders will provide an unsecured loan for as little as 12 months, although a 5 to 7 year term is more common. The maximum unsecured loan length is usually 7 years but a number of unsecured loan companies will advance an unsecured loan over 10 years. Unsecured loans are best for applicants who want to repay a purchase within a few years. If you simply need the money over, for example, 6 months, using your credit card may make more sense. For your information, many online users looking for info regarding this subject, make the mistake of searching using mis-spelt search phrases like 'fast unseured loan', '10 years unsecure loans' or even 'first national unsecure loans'.
How does the unsecured interest rate work?
Unsecured loan rates are generally fixed for the length of the unsecured loan contract, which means you know precisely how much you will pay back per month. The drawback is that you might possibly repay more than other borrowers who are offered a similar unsecured loan amount in 6 months' time - then again, you could pay less! Either way, you will not have to be concerned about loan repayments rising uncontrollably. Some unsecured loan companies will require that you set up a direct debit for the loan payments. Normally, the loan interest rate is smaller when you take out a bigger unsecured loan. With unsecured loans, the essential factor to look for is the Annual Percentage Rate (APR). Additionally, it's important to consider the amount the unsecured loan will cost you in total.
Will there be a credit history check?
Yes, unsecured loan companies want to make sure that you are a 'good risk' and therefore don't carry a record of adverse credit and outstanding debts. To accomplish this, the unsecured loan company will check your credit record from a credit reference agency - CallCredit plc, Equifax or Experian. An adverse credit history won't necessarily stop you from getting an unsecured loan, but chances are you will have to pay a higher unsecured loan interest rate. You may find it more difficult to get approved for an unsecured loan if you are self-employed or have a temporary employment agreement.
What is an unsecured loan protection insurance?
This is an insurance cover you can get to pay (under certain conditions) the monthly repayments of the loan if you cannot - for instance, if you have lost your job. Evaluate carefully whether you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is frequently expensive and if your financial position is uncertain, is it prudent to be increasing your debt load on top of it all? If you do want a loan payment protection plan, ask about exclusions and small print which could make it hard for you to claim from the cover.
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