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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 want. People tend to use them to purchase a car, the holiday of a lifetime, home improvements, or possibly to settle costly credit card bills in a single go, therefore giving you freedom to make the repayments over a longer time with a reduced interest rate.
With an unsecured loan, how much money can I borrow?
You can typically get an unsecured loan for up to £15,000 (if you have a good credit rating) but some unsecured loan companies can grant you as much as £25,000 unsecured (if you have an EXCELLENT credit record). Nonetheless, remember that you should have the financial capacity to meet all the loan repayments. With unsecured loan applications, you can normally be approved in principle over the telephone.
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What are the min/max repayment periods for an unsecured loan?
This partly is up to the unsecured loan company. Some unsecured lenders can provide an unsecured loan for as little as 1 year, though a 5 to 7 year term is more common. The maximum unsecured loan term is normally seven years but certain unsecured loan companies will advance an unsecured loan over 10 years. Unsecured loans are best for people who want to pay back a purchase over a few years. If you only want the money for a period of, say, six months, borrowing from your credit card may be cheaper.
How does an unsecured loan interest rate operate?
Unsecured loan rates are normally fixed for the whole term of the unsecured lending agreement, which means you know precisely the amount you are required to repay every month. The disadvantage is that you might pay more than people who get a similar unsecured loan amount in six months' time - then again, you could pay less! Either way, you will not have to be concerned about your unsecured loan payments soaring. Many unsecured lenders will insist that you set up a direct debit for the loan payments. Typically, the rate of interest is less when you borrow a bigger unsecured loan. With unsecured loans, the essential point to note is the Annual Percentage Rate (APR). Additionally, it's advisable to know how much the unsecured loan will cost you in total.
Will there be a credit score check?
Yes, unsecured loan providers want to be certain that applicants represent an 'acceptable risk' and therefore do not have a history of bad debts and outstanding debts. To ensure this, the unsecured loan company will request your credit record from a credit reference agency - CallCredit plc, Equifax or Experian. An adverse credit record won't necessarily stop you from obtaining an unsecured personal loan nevertheless, chances are you will be given an increased unsecured loan interest rate. You might find it harder to obtain 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 cover you can buy to pay for (under certain conditions) the monthly loan repayments should your circumstances mean that you are unable to - for instance, when you have lost your job. Think carefully if you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial situation is unsteady, is it the best move for you to be increasing your debt load anyway? Should you decide you would rather have a loan payment protection plan, ask about exclusions and small print which could make it impossible for you to claim from the insurance.
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