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A personal unsecured loan is what it says, a loan 'not secured' on your property, that you can spend as you wish. Many people use them to pay for a car, the holiday of a lifetime, home improvements, or possibly to clear costly credit card debts in one go, so freeing you to spread the reimbursements over a longer time with a smaller interest rate.
With an unsecured loan, what amount can I borrow?
You can normally get an unsecured loan for up to £15,000 (if you have a good credit record) but certain unsecured loan companies can offer you up to £25,000 unsecured (if you have an EXCELLENT credit rating). Then again, keep in mind that you must have the income to meet every loan repayment. With unsecured loan applications, you can often be approved in principle over the phone.
What are the min/max repayment terms for an unsecured loan?
This partly depends on the unsecured lender. A number of unsecured lenders can give an unsecured loan for as little as 12 months, though a 5 to 7 year term is more usual. The maximum unsecured loan term is generally seven years but some unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are more suitable for applicants who want to repay something over a few years. For people who only want the money for a period of, say, 6 months, purchasing with a credit card may be more suitable.
How does an unsecured loan interest rate operate?
Unsecured loan interest rates are normally fixed for the whole term of the unsecured lending agreement, which means you know exactly the amount you are required to pay back monthly. The disadvantage is that you could potentially repay more than people who borrow a similar unsecured loan amount in six months' time - on the other hand, you may very well pay less! Either way, you have no need to worry about your unsecured loan payments soaring. Some unsecured lenders will request that you set up a direct debit for the loan instalments. Typically, the loan interest charge is lower if you borrow a larger unsecured loan. With unsecured loans, the essential point to check out is the Annual Percentage Rate (APR). It's also important to know the amount the unsecured loan will cost you in total.
Will I have to pass a credit score check?
Yes, unsecured loan companies have to be certain that loan applicants represent an 'acceptable risk' and therefore do not have a record of adverse credit and neglected debts. To accomplish this, the unsecured loan provider will check your credit history from a credit reference agency - Equifax, CallCredit plc or Experian. An adverse credit record will not automatically stop you from getting an unsecured personal loan however, chances are you will be given an increased unsecured loan interest rate. You might find it harder to obtain an unsecured personal loan if you are a sole trader or if your employment status is temporary.
What is an unsecured loan payment protection insurance?
This is an insurance you can purchase to pay (under certain conditions) the unsecured loan monthly repayments in the event you are incapable of doing so - for example, if you have lost your job. Consider with care if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial circumstances are uncertain, is it prudent to be borrowing more money on top of it all? If you decide that you do need a payment protection insurance, enquire about exclusions and small print which might make it impossible for you to benefit from the cover.
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