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An unsecured loan is what it says, a loan 'not secured' on your assets, for you to use as you would like. A lot of people use them to buy a new car, the holiday of a lifetime, house renovations, or possibly to pay off costly credit card debts at one time, thus freeing you to spread the repayments over a longer term with a lower interest charge.

With an unsecured loan, how much money can I borrow?
You can typically get a personal unsecured loan for up to £15,000 (if you have a good credit history) however, some unsecured lenders can give you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, remember that you are required to have the available income to meet the loan repayments. With unsecured loan companies, you can frequently get approval in principle over the phone.

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What are the maximum & minimum repayment terms for an unsecured loan?
This partly is up to the unsecured loan company. A number of unsecured loan companies could offer an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more usual. The maximum unsecured loan length is typically 7 years but a number of unsecured loan companies will lend over 10 years. Unsecured loans are suitable for those who want to pay back the loan over a few years. If you simply want the money for a period of, for example, six months, purchasing with a credit card may make more sense. We have discovered that a number of online users looking for online information regarding this topic also make the mistake of misspelling their keyphrases with spellings for instance 'fixed rate unsecure loans', 'bad credit unserced loans' or 'cheapest unsecure loan rate'.

How does an unsecured loan interest rate operate?
Unsecured loan interest rates are usually fixed for the whole term of the unsecured lending agreement, which means you know precisely the amount you will have to repay every month. The disadvantage is that you could pay more than borrowers who get a similar unsecured loan in six months' time - then again, you might pay less! Either way, you will not need to be concerned about your loan instalments increasing. A lot of unsecured loan providers will insist that you take out a direct debit for the loan payments. Typically, the loan interest rate is less when you take out a larger unsecured loan. With an unsecured loan, the key factor to note is the Annual Percentage Rate (APR). Additionally, it's crucial to know the amount the unsecured loan will cost you in total.

Do unsecured loans include a credit score check?
Yes, unsecured lenders want to ensure that applicants represent a 'low risk' and therefore do not have a past of bad credit and unpaid debts. To ensure this, the unsecured loan company will request your credit record from a credit reference agency - CallCredit plc, Equifax or Experian. An impaired credit past won't inevitably prevent you from obtaining an unsecured personal loan however, there is a good chance you will get an offer with an increased rate of interest. You may find it harder to get approved for an unsecured personal loan when you are self employed or if your employment status is temporary.

What is an unsecured loan insurance ?
This is an insurance plan you can get to pay (under certain conditions) the monthly loan repayments should your circumstances mean that you are unable to - for instance, if you have lost your job. Consider with care whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial circumstances are unstable, is it prudent to be borrowing more money anyway? If you do need a payment protection insurance, look into exclusions and small print which could make it impossible for you to benefit from the insurance.

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