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An unsecured loan means exactly what it says, a loan 'not secured' on your assets, that you can use as you would like. People often use them to pay for a new car, a special holiday, home improvements, or maybe to clear crippling credit card debts at one time, so freeing you to extend the installments over a longer time at a lower APR.
With an unsecured loan, how much can I borrow?
You can generally get an unsecured loan for up to £15,000 (if you have a good credit record) however, some unsecured lenders can offer you as much as £25,000 unsecured (if you have an EXCELLENT credit rating). Nevertheless, don't forget that you must have the income to meet the loan repayments. With unsecured loans, you can frequently be approved in principle over the phone.
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What are the min/max repayment terms for an unsecured loan?
This partly depends on the unsecured loan company. A number of unsecured loan companies will provide an unsecured loan for as little as one year, however, a 5 to 7 year term is more frequent. The maximum unsecured loan length is typically 7 years but some unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are more suitable for those who want to pay back something within a few years. For people who only want the money for a period of, say, six months, borrowing from your credit card may be cheaper. In their search to get info regarding this subject, many people have mistakenly typed in misspelled keyword for instance 'bad credit loan unsecure', 'cheap unsecrued loans' or even 'compare unsercured loans'.
How does an unsecured loan interest rate operate?
Unsecured loan rates are usually fixed for the whole term of the unsecured loan agreement, which means you know specifically the amount you must repay monthly. The drawback is that you could potentially pay more than other borrowers who borrow a similar unsecured loan amount in 6 months' time - then again, you could pay less! Either way, you do not have to worry about loan repayments increasing. Some unsecured loan providers will insist that you arrange a direct debit for the loan payments. Normally, the loan interest charge is lower if you borrow a larger unsecured loan amount. With unsecured loans, the most important point to check out is the Annual Percentage Rate (APR). It's also important to consider how much the unsecured loan will cost you in total.
Do unsecured loans include a credit score check?
Yes, unsecured loan providers want to be satisfied that applicants represent a 'good risk' and therefore don't carry a history of poor credit and outstanding debts. To do this, the unsecured lender will request your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. An impaired credit record will not automatically prevent you from obtaining a personal unsecured loan, nevertheless, there is a good chance you will have to pay a higher unsecured loan interest rate. You might find it more difficult to obtain a personal unsecured loan when you are self employed or if you are just starting in a new job.
What is an unsecured loan payment protection insurance?
This is an insurance plan you can get to pay (under certain conditions) the monthly loan repayments if you are unable to - for example, when you have lost your job. Evaluate carefully if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently expensive and if your financial circumstances are unsteady, 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, ask about exclusions and small print which might make it difficult for you to benefit from the policy.
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