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An unsecured loan is precisely what it suggests, a loan 'not secured' on your home, for you to spend as you wish. Many people use them to get a car, a dream holiday, house renovations, or maybe to settle spiralling credit card bills in a single go, thus letting you to spread the installments over a longer period with a reduced interest rate.

With an unsecured loan, how much is it possible to borrow?
You can usually take out an unsecured loan for up to £15,000 (if you have a good credit history) however, some unsecured loan companies can grant you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, don't forget that you have to have the income to make every loan repayment. With unsecured loan products, you can often be approved in principle over the phone.

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What are the min/max repayment terms for an unsecured loan?
In part this depends on the unsecured lender. Some unsecured loan companies could give an unsecured loan for as little as 12 months, though a 5 to 7 year term is more likely. The maximum unsecured loan length is normally seven years but some unsecured lenders will lend over 10 years. Unsecured loans are more suitable for those who want to pay back the loan within a few years. If you simply want the money over, for instance, six months, using your credit card may make more sense.

How does the unsecured interest rate work?
Unsecured loan rates are generally fixed for the length of the unsecured loan contract, which means you know exactly how much you will repay monthly. The disadvantage is that you could pay more than others who get a similar unsecured loan amount in 6 months' time - then again, you could pay less! Either way, you do not have to worry about your loan instalments increasing. Some unsecured lenders will request that you set up a direct debit for the loan instalments. Usually, the loan interest rate is smaller when you take out a bigger unsecured loan. With unsecured loans, the crucial element to check out is the Annual Percentage Rate (APR). It's also essential to find out the amount the unsecured loan will cost you in total.

Will there be a credit history check?
Yes, unsecured lenders want to be satisfied that borrowers are an 'acceptable risk' and therefore do not have a history of bad credit and unpaid debts. To ensure this, the unsecured loan company will check your credit history from a credit reference agency - Equifax, Experian and CallCredit plc. An impaired credit record won't necessarily stop you from obtaining an unsecured personal loan nonetheless, you will most likely be given an increased unsecured loan interest rate. You may find it more difficult to obtain an unsecured personal loan if you are a sole trader or are on a short-term contract.

What is an unsecured loan payment protection insurance?
This is an insurance plan you can take out to pay for (under certain conditions) the unsecured loan monthly payments when you are incapable of doing so - for example, if you've 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 circumstances are unsteady, is it the best move for you to be borrowing more money on top of it all? Should you decide you do want a loan payment protection plan, ask about exclusions and small print which might make it difficult for you to benefit from the policy.

Author: Doris Mcdonald also is writing on other subjects regarding loan decision, and relevant to loans over, consumer loans and .

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