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A personal unsecured loan means exactly what it says, a loan 'not secured' on your assets, for you to spend as you want. People often use them to get a car, a special holiday, house renovations, or even to clear costly credit card debts in a single go, therefore allowing you to make the reimbursements over a longer time with a reduced interest rate.
With an unsecured loan, how much can I borrow?
You can generally take out an unsecured personal loan for up to £15,000 (if you have a good credit history) however, some unsecured loan companies can give you as much as £25,000 unsecured (if you have an EXCELLENT credit rating). However, bear in mind that you have to have the available income to meet the loan instalments. With unsecured loans, you can normally be approved in principle over the phone.
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What are the maximum and minimum repayment periods for an unsecured loan?
This partly is determined by the unsecured loan provider. A number of unsecured lenders can offer an unsecured loan for as little as one year, though a 5 to 7 year term is more usual. The maximum unsecured loan length is typically seven years but some unsecured loan companies will lend over 10 years. Unsecured loans are more suitable for those who want to repay the money borrowed within a few years. For those who only need the money over, for example, six months, using a credit card may be better. It may interest you to know, as you read this insightful article, that many people make the error of typing 'cheapest unsecurd loan', 'get an unsecure loan' or 'best unsercured loans' when trying to get online content about to this topic.
How does the unsecured interest rate work?
Unsecured loan APRs are usually fixed for the whole term of the unsecured loan contract, which means you know exactly the amount you will have to pay back each month. The drawback is that you could potentially pay more than borrowers who take out a similar unsecured loan in 6 months' time - then again, you may very well pay less! Either way, you will not have to worry about your loan instalments escalating. Some unsecured loan providers will require that you agree to a direct debit for the loan repayments. Usually, the loan interest rate is lower when you take out a bigger unsecured loan. With unsecured loans, the most important element to check out is the Annual Percentage Rate (APR). In addition, it is essential to know how much the unsecured loan will cost you in total.
Will there be a credit history check?
Yes, unsecured loan providers have to be satisfied that borrowers are a 'good risk' and therefore do not have a history of credit problems and outstanding debts. To do this, the unsecured lender will request your credit file from a credit reference agency - CallCredit plc, Equifax or Experian. A bad credit past will not automatically prevent you from obtaining a personal unsecured loan, nevertheless, you will most likely be charged a higher rate of interest. You may find it more difficult to get an unsecured personal loan if you are a contractor or if you are just starting a new employment contract.
What is an unsecured loan payment protection insurance?
This is an insurance plan you can buy to pay for (under certain conditions) the monthly repayments of the loan in the situation where you are incapable of doing so - for instance, if you have lost your job. Consider carefully whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial position is uncertain, is it wise to be extending your debt burden on top of it all? Should you decide you would rather have a loan payment protection plan, look into exclusions and small print which could make it difficult for you to claim from the plan.
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