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A personal unsecured loan is what it says, a loan 'not secured' on your assets, that you can spend as you would like. A lot of people use them to get a car, a special holiday, home improvements, or even to pay off spiralling credit card debts at one time, so letting you to make the payments over a longer time with a smaller interest charge.
With an unsecured loan, how much can I borrow?
You can generally get an unsecured personal loan for up to £15,000 (if you have a good credit rating) however, some unsecured loan companies can grant you up to £25,000 unsecured (if you have an EXCELLENT credit history). Then again, bear in mind that you are required to have the available income to meet the loan repayments. With unsecured loan products, you can normally get approval in principle over the telephone.
What are the min/max repayment terms for an unsecured loan?
In part this is up to the unsecured loan company. A number of unsecured loan companies would give an unsecured loan for as little as 12 months, however, a 5 to 7 year term is more common. The maximum unsecured loan term is normally seven years but some unsecured lenders will lend over 10 years. Unsecured loans make most sense for people who want to pay back the money borrowed over a few years. For people who only want the money for a short period, for example, six months, purchasing with your credit card may be cheaper.
How does an unsecured loan interest rate operate?
Unsecured loan APRs are generally fixed for the whole term of the unsecured lending agreement, which means you know specifically how much you are required to pay back per month. The disadvantage is that you could repay more than other borrowers 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 increasing. A lot of unsecured loan companies will require that you set up a direct debit for the loan repayments. Normally, the loan interest rate is less when you borrow a larger unsecured loan amount. With unsecured loans, the critical element to check out is the Annual Percentage Rate (APR). Additionally, it's advisable to be aware of how much the unsecured loan will cost you in total.
Do unsecured loan applications include a credit check?
Yes, unsecured loan providers have to be certain that borrowers represent a 'good risk' and therefore do not have a past of bad credit and overdue debts. To ensure this, the unsecured loan provider will get your credit history from a credit reference agency - Equifax, CallCredit plc or Experian. An adverse credit past won't necessarily stop you from obtaining an unsecured personal loan but in all probability you will be charged a higher rate of interest. You might find it harder to obtain a personal unsecured loan when you are self employed or are on a short-term contract.
What is an unsecured loan payment protection insurance?
This is an insurance cover you can purchase to pay (under certain conditions) the monthly repayments of the loan should your circumstances mean that you are unable to - for instance, if you have lost your job. Think with care whether this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial situation is precarious, is it prudent to be extending your debt burden on top of it all? Should you decide you would rather have a loan payment protection plan, check out the exclusions and small print which might make it difficult for you to claim from the cover.
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