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An unsecured loan is what it says, a loan 'not secured' on your property, for you to spend as you wish. A lot of people use them to get a new car, a dream holiday, house renovations, or maybe to pay off spiralling credit card bills in a single go, thus giving you freedom to stretch the payments over a longer period with a reduced interest charge.

With an unsecured loan, what amount can I borrow?
You can normally take out an unsecured personal loan for up to £15,000 (if you have a good credit history) however, some unsecured lenders can grant you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, remember that you have to have the financial means to make the loan instalments. With unsecured loans, you can frequently get approval in principle over the phone.

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What are the min/max repayment terms for an unsecured loan?
This partly is up to the unsecured lender. A number of unsecured lenders can grant an unsecured loan for as little as one year, though a 5 to 7 year term is more common. The maximum unsecured loan length is generally 7 years but certain unsecured lenders will loan over 10 years. Unsecured loans are more suitable for people who want to repay the loan over a few years. For those who only want the money for a period of, say, six months, using your credit card may make more sense. It might interest you to find out, as you go through this insightful article, that many people make the error of typing 'fast unseured loan', 'guarantee unsecure loans' or 'garaunteed unsecure personal loan' when attempting to get online articles relevant to to this subject.

How does an unsecured loan interest rate operate?
Unsecured loan APRs are generally fixed for the duration of the unsecured lending agreement, which means you know specifically the amount you must pay back every month. The disadvantage is that you might repay more than other borrowers who are offered a similar unsecured loan in six months' time - on the other hand, you may very well pay less! Either way, you will not need to be anxious about your unsecured loan payments increasing. Some unsecured loan companies will insist that you agree to a direct debit for the loan instalments. Typically, the loan interest rate is lower when you take out a bigger unsecured loan amount. With unsecured loans, the critical point to look for is the Annual Percentage Rate (APR). It's also advisable to find out the amount the unsecured loan will cost you in total.

Do unsecured loan applications include a credit score check?
Yes, unsecured loan companies need to be certain that you are an 'acceptable risk' and therefore don't carry a history of poor credit and unpaid debts. To achieve this, the unsecured loan provider will obtain your credit file from a credit reference agency - Experian, CallCredit plc or Equifax. An adverse credit record won't inevitably preclude you from obtaining a personal unsecured loan, nonetheless, chances are you will be given an increased unsecured loan interest rate. You may find it harder to obtain a personal unsecured loan if you are a sole trader or if your employment status is temporary.

What is an unsecured loan protection insurance?
This is an insurance cover you can buy to pay (under certain conditions) the monthly loan repayments if you cannot - for example, when you have lost your job. Evaluate with care whether you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial situation is uncertain, is it prudent to be extending your debt burden on top of it all? If you would rather have a payment protection insurance, check out the exclusions and small print which could make it impossible for you to claim from the cover.

Author: Theresa Ward is writing on issues about loan saver, unprotected loans and .

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