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An unsecured loan is what it says, a loan 'not secured' on your home, for you to spend as you would like. Many people use them to purchase a new car, a special holiday, house renovations, or maybe to pay off spiralling credit card debts at one time, thus giving you freedom to spread the reimbursements over a longer time with a smaller APR.
With an unsecured loan, what amount can I borrow?
You can normally get a personal unsecured loan for up to £15,000 (if you have a good credit rating) but some unsecured lenders can grant you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Nonetheless, keep in mind that you should have the financial capacity to meet the loan instalments. With unsecured lenders, you can normally get approval in principle over the phone.
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What are the maximum and minimum repayment periods for an unsecured loan?
This partly depends on the unsecured loan provider. A number of unsecured loan companies would offer an unsecured loan for as little as one year, however, a 5 to 7 year term is more frequent. The maximum unsecured loan length is normally seven years but a number of unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are suitable for applicants who want to pay back the money borrowed within a few years. If you only need the money over, for instance, six months, using your credit card may be more suitable.
How does the unsecured interest rate work?
Unsecured loan APRs are usually fixed for the whole term of the unsecured loan contract, which means you know exactly how much you will repay monthly. The drawback is that you might pay more than other borrowers who borrow a similar unsecured loan in six months' time - then again, you might pay less! Either way, you do not have to be anxious about you unsecured loan instalments rising uncontrollably. Some unsecured lenders will request that you take out a direct debit for the loan repayments. Normally, the loan interest rate is less when you take out a larger unsecured loan. With unsecured loans, the critical factor to check out is the Annual Percentage Rate (APR). It's also crucial to know the amount the unsecured loan will cost you in total.
Will I have to pass a credit check?
Yes, unsecured lenders want to make sure that applicants are a 'good risk' and therefore do not have a history of credit problems and outstanding debts. To accomplish this, the unsecured lender will request your credit record from a credit reference agency - Experian, CallCredit plc or Equifax. A bad credit past won't necessarily prevent you from obtaining a personal unsecured loan, however, 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 personal loan if you are self-employed or if you are newly employed.
What is an unsecured loan insurance ?
This is an insurance policy you can take out to pay (under certain conditions) the unsecured loan monthly payments should your circumstances mean that you are unable to - for example, if you have lost your job. Evaluate carefully whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial situation is shaky, is it prudent to be going further into debt anyway? Should you decide you do need a payment protection insurance, ask about exclusions and small print which might make it difficult for you to benefit from the plan.
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