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An unsecured loan means exactly what it says, a loan 'not secured' on your property, for you to spend as you would like. Many people use them to pay for a new car, a special holiday, house renovations, or possibly to pay off crippling credit card debts at one time, thus giving you freedom to extend the reimbursements over a longer term with a smaller interest rate.
With an unsecured loan, how much money can I borrow?
You can typically get a personal unsecured loan for up to £15,000 (if you have a good credit history) however, a number of unsecured lenders can offer you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, don't forget that you have to have the income to make every loan repayment. With unsecured loans, you can frequently get approval in principle over the telephone.
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What are the min/max repayment periods for an unsecured loan?
This partly is up to the unsecured lender. A number of unsecured loan companies will offer an unsecured loan for as little as twelve months, although a 5 to 7 year term is more common. The maximum unsecured loan term is usually 7 years but some unsecured lenders will lend over 10 years. Unsecured loans are best for those who want to pay back something within a few years. If you simply need the money over, for example, 6 months, purchasing with your credit card may be more suitable. As you are reading this note that a number of online users misspell their search phrase with 'guaranteed unsecure loans', 'bad credit unsercured loans' or 'guarantor unsercured loan'.
How does an unsecured loan interest rate operate?
Unsecured loan APRs are generally fixed for the duration of the unsecured loan agreement, which means you know specifically the amount you have to pay back each month. The disadvantage is that you might pay more than people who are offered a similar unsecured loan in six months' time - on the other hand, you might pay less! Either way, you will not have to worry about loan repayments increasing. Some unsecured loan providers will request that you agree to a direct debit for the loan repayments. Typically, the loan interest rate is lower if you borrow a larger unsecured loan amount. With unsecured loans, the essential point to look for is the Annual Percentage Rate (APR). It's also crucial to consider how much the unsecured loan will cost you in total.
Do unsecured loans include a credit score check?
Yes, unsecured loan providers have to be certain that borrowers are a 'good risk' and therefore don't carry a record of bad credit and unpaid debts. To accomplish this, the unsecured loan provider will request your credit record from a credit reference agency - Experian, Equifax or CallCredit plc. A poor credit past won't inevitably stop you from obtaining an unsecured loan, but in all probability you will have to pay a higher unsecured loan interest rate. You may find it harder to obtain an unsecured loan when you are self employed or have a temporary employment agreement.
What is an unsecured loan protection insurance?
This is an insurance policy you can buy to pay (under certain conditions) the unsecured loan monthly payments when you cannot - for instance, if you've lost your job. Evaluate with care if you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial situation is unsteady, is it wise to be increasing your debt load anyway? If you do want a payment protection insurance, ask about exclusions and small print which could make it difficult for you to claim from the plan.
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