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An unsecured loan means exactly what it says, a loan 'not secured' on your house, that you can use as you wish. A lot of people use them to buy a new car, a dream holiday, home improvements, or maybe to pay off spiralling credit card debts at one time, thus allowing you to make the instalments over a longer period at a lower interest rate.
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 record) however, some unsecured lenders can give you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, bear in mind that you are required to have the financial means to make the loan repayments. With unsecured loans, you can frequently be approved in principle over the telephone.
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What are the min/max repayment terms for an unsecured loan?
This partly is up to the unsecured loan provider. Some unsecured loan companies could give an unsecured loan for as little as one year, though a 5 to 7 year term is more frequent. The maximum unsecured loan term is usually 7 years but certain unsecured loan companies will loan over 10 years. Unsecured loans are more suitable for applicants who want to pay back something within a few years. If you simply want the money over, for instance, 6 months, using your credit card may be better. It might interest you to know, as you go through this insightful article, that many people make the mistake of typing 'bad credit unsecures loans', 'an unsecure loan means' or even 'compare unsecure loans' when attempting to obtain online articles about to this issue.
How does an unsecured loan interest rate operate?
Unsecured loan interest rates are normally fixed for the whole term of the unsecured loan contract, which means you know precisely the amount you have to pay back each month. The disadvantage is that you might possibly repay more than others who are offered a similar unsecured loan amount in 6 months' time - then again, you could pay less! Either way, you will not have to be anxious about your unsecured loan payments rising uncontrollably. Some unsecured lenders will request that you take out a direct debit for the loan repayments. Typically, the loan interest rate is smaller if 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 consider the amount the unsecured loan will cost you in total.
Do unsecured loans include a credit history check?
Yes, unsecured loan providers want to be satisfied that borrowers represent a 'good risk' and therefore don't carry a record of credit problems and overdue debts. To achieve this, the unsecured loan provider will obtain your credit file from a credit reference agency - Experian, CallCredit plc or Equifax. A bad credit record won't necessarily hinder you from getting a personal unsecured loan, however, in all probability you will be charged a higher rate of interest. You may find it more difficult to get an unsecured loan if you are self-employed or if you are just starting a new employment contract.
What is an unsecured loan protection insurance?
This is an insurance policy you can buy to pay (under certain conditions) the monthly loan repayments in the event you are unable to - for example, if you've lost your job. Consider carefully if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial position is unstable, is it the best move for you to be extending your debt burden on top of it all? Should you decide you would rather have a payment protection insurance, look into exclusions and small print which could make it difficult for you to benefit from the insurance.
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