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A personal unsecured loan means exactly what it says, a loan 'not secured' on your house, for you to use as you wish. Many people use them to pay for a car, a dream holiday, home improvements, or even to clear costly credit card bills in one go, thus letting you to make the payments over a longer time at a lower interest rate.

With an unsecured loan, how much money can I borrow?
You can typically take out an unsecured personal loan for up to £15,000 (if you have a good credit history) but a number of unsecured lenders can grant you as high as £25,000 unsecured (if you have an EXCELLENT credit rating). Nonetheless, bear in mind that you have to have the available income to make the loan repayments. With unsecured loan companies, you can normally be approved in principle over the phone.

What are the min/max repayment terms for an unsecured loan?
This partly depends on the unsecured loan provider. A number of unsecured lenders can provide an unsecured loan for as little as 12 months, although a 5 to 7 year term is more common. The maximum unsecured loan term is typically seven years but certain unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are suitable for people who want to pay back something within a few years. If you only want the money over, for instance, 6 months, borrowing from your credit card may be more suitable. In case you found this web page because you misspelled your search word with spellings for instance 'immediate unsecure decision loans', 'cheapest insecured loan' or 'consumer lending unsecurd loans', don't worry because the online resources herein will prove insightful.

How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the duration of the unsecured loan contract, which means you know specifically how much you will pay back monthly. The drawback is that you might repay more than others who take out a similar unsecured loan in six months' time - then again, you may very well pay less! Either way, you will not have to be concerned about your loan instalments soaring. Many unsecured loan companies will require that you take out a direct debit for the loan payments. Generally, the rate of interest is less if you take out a bigger unsecured loan amount. With unsecured loans, the critical point to check out is the Annual Percentage Rate (APR). In addition, it is essential to consider how much the unsecured loan will cost you in total.

Do unsecured loan applications include a credit check?
Yes, unsecured lenders want to ensure that you represent an 'acceptable risk' and therefore don't carry a record of adverse credit and overdue debts. To do this, the unsecured loan company will obtain your credit history from a credit reference agency - Experian, Equifax or CallCredit plc. A poor credit record will not automatically preclude you from getting an unsecured personal loan nevertheless, in all probability you will get an offer with an increased rate of interest. You might find it more difficult to get approved for a personal unsecured loan if you are a sole trader or are on a short-term contract.

What is an unsecured loan insurance ?
This is an insurance cover you can buy to pay for (under certain conditions) the monthly loan repayments should your circumstances mean that you cannot - for example, if you have lost your job. Consider carefully if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial position is unsteady, is it wise to be borrowing more money anyway? If you do want a loan payment protection plan, check out the exclusions and small print which might make it impossible for you to benefit from the cover.

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