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A personal unsecured loan means exactly what it says, a loan 'not secured' on your property, that you can use as you would like. People tend to use them to get a car, a special holiday, home improvements, or maybe to settle spiralling credit card bills in a single go, so allowing you to spread the repayments over a longer period at a lower APR.
With an unsecured loan, what amount can I borrow?
You can normally take out a personal unsecured loan for up to £15,000 (if you have a good credit rating) however, some unsecured lenders can grant you up to £25,000 unsecured (if you have an EXCELLENT credit rating). Nonetheless, keep in mind that you have to have the income to make the loan repayments. With unsecured loans, you can normally get approval in principle over the telephone.
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What are the maximum and minimum repayment periods for an unsecured loan?
In part this depends on the unsecured lender. Some unsecured loan companies can grant an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more common. The maximum unsecured loan length is usually 7 years but some unsecured loan companies will advance an unsecured loan over 10 years. Unsecured loans make most sense for borrowers who want to pay back the loan over a few years. For those who only want the money over, say, 6 months, borrowing from your credit card may be better. As you go through this note that various people misspell their search term with 'guaranteed unsercured loans', 'fast unsecure loans' or 'fast unsercured personal loans'.
How does the unsecured interest rate work?
Unsecured loan interest rates are generally fixed for the duration of the unsecured lending agreement, which means you know exactly the amount you will pay back each month. The disadvantage is that you could potentially pay more than borrowers who borrow 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 payments escalating. Many unsecured loan companies will require that you arrange a direct debit for the loan payments. Usually, the loan interest rate is lower when you borrow a bigger unsecured loan amount. With unsecured loans, the most important point to note is the Annual Percentage Rate (APR). Additionally, it's important to know how much the unsecured loan will cost you in total.
Will there be a credit score check?
Yes, unsecured lenders want to be certain that applicants represent a 'good risk' and therefore do not have a history of bad debts and overdue debts. To accomplish this, the unsecured loan provider will check your credit file from a credit reference agency - CallCredit plc, Equifax or Experian. An impaired credit record won't necessarily stop you from getting an unsecured loan, however, you will probably 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 a contractor or if your employment status is temporary.
What is an unsecured loan payment protection insurance?
This is an insurance policy you can take out to pay (under certain conditions) the unsecured loan monthly repayments in the situation where you cannot - for instance, if you've lost your job. Evaluate carefully whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial circumstances are shaky, is it the best move for you to be extending your debt burden anyway? Should you decide you do want a loan payment protection plan, ask about exclusions and small print which might make it hard for you to benefit from the insurance.
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