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An unsecured loan means exactly what it says, a loan 'not secured' on your home, that you can use as you would like. Many people use them to get a car, a dream holiday, house renovations, or possibly to clear spiralling credit card debts at one time, so freeing you to make the repayments over a longer term with a lower interest rate.
With an unsecured loan, how much money can I borrow?
You can typically get an unsecured loan for up to £15,000 (if you have a good credit history) however, certain unsecured loan companies can give you up to £25,000 unsecured (if you have an EXCELLENT credit history). Then again, remember that you should have the income to meet the loan instalments. With unsecured loan applications, you can normally be approved in principle over the phone.
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What are the min/max repayment periods for an unsecured loan?
In part this is up to the unsecured lender. Some unsecured loan companies could offer an unsecured loan for as little as twelve months, though a 5 to 7 year term is more frequent. The maximum unsecured loan length is usually 7 years but a number of unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are suitable for borrowers who want to repay the loan within a few years. For people who only want the money for a period of, say, six months, using a credit card may make more sense. We have noticed that some people searching for online information about this topic also make the error of misspelling their keywords with spellings like 'adverse credit unsecued loans', 'ccj insecured loan' or even 'fast unsecureed loans'.
How does an unsecured loan interest rate operate?
Unsecured loan interest rates are generally fixed for the length of the unsecured lending agreement, which means you know specifically the amount you are required to pay back each month. The disadvantage is that you might pay more than borrowers who borrow a similar unsecured loan amount in 6 months' time - then again, you might pay less! Either way, you will not have to worry about you unsecured loan instalments shooting up. Some unsecured lenders will request that you set up a direct debit for the loan payments. Generally, the loan interest rate is lower if you borrow a larger unsecured loan amount. With unsecured loans, the most significant point to be aware of is the Annual Percentage Rate (APR). In addition, it is crucial to know how much the unsecured loan will cost you in total.
Will I have to pass a credit check?
Yes, unsecured loan providers have to make sure that you represent a 'low risk' and therefore do not have a record of bad debts and outstanding debts. To ensure this, the unsecured loan provider will request your credit history from a credit reference agency - Equifax, CallCredit plc or Experian. A poor credit past won't necessarily preclude you from obtaining a personal unsecured loan, nevertheless, you will probably get an offer with an increased rate of interest. You may find it harder to get a personal unsecured loan when you are self employed or if you are just starting a new employment contract.
What is an unsecured loan payment protection insurance?
This is an insurance policy you can get to pay (under certain conditions) the monthly repayments of the loan in the event you are incapable of doing so - for example, if you've lost your job. Evaluate carefully whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are precarious, is it wise to be borrowing more money anyway? Should you decide you do need a payment protection insurance, look into exclusions and small print which might make it impossible for you to claim from the policy.
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