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A personal unsecured loan is what it says, a loan 'not secured' on your home, for you to spend as you wish. People often use them to purchase a car, a special holiday, house renovations, or possibly to settle costly credit card bills in a single go, thus allowing you to make the payments over a longer time at a lower interest charge.
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 record) but some unsecured loan companies can give you as high as £25,000 unsecured (if you have an EXCELLENT credit record). Then again, don't forget that you should have the available income to make the monthly loan repayments. With unsecured loan companies, you can frequently get approval 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 loan company. A number of unsecured lenders can give an unsecured loan for as little as 1 year, though a 5 to 7 year term is more frequent. The maximum unsecured loan length is typically seven years but certain unsecured lenders will loan over 10 years. Unsecured loans are best for borrowers who want to pay back a purchase over a few years. For those who only want the money for a period of, for instance, six months, borrowing from a credit card may be more suitable.
How does an unsecured loan interest rate operate?
Unsecured loan interest rates are generally fixed for the whole term of the unsecured lending agreement, which means you know exactly how much you will have to pay back monthly. The disadvantage is that you might possibly repay 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 be anxious about your loan payments rising uncontrollably. Some unsecured loan companies will request that you agree to a direct debit for the loan repayments. Generally, the rate of interest is less when you take out a larger unsecured loan. With unsecured loans, the critical factor to look for 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 loans include a credit history check?
Yes, unsecured loan companies want to make sure that borrowers are a 'good risk' and therefore don't carry a history of adverse credit and unpaid debts. To achieve this, the unsecured loan company will obtain your credit file from a credit reference agency - CallCredit plc, Equifax or Experian. An impaired credit record will not automatically stop you from obtaining an unsecured loan, however, you will probably have to pay a higher unsecured loan interest rate. You might find it harder to get approved for a personal unsecured loan if you are self-employed or if your employment status is temporary.
What is an unsecured loan insurance ?
This is an insurance plan you can take out to pay (under certain conditions) the monthly repayments of the loan in the event you cannot - for instance, when you have lost your job. Think with care whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial position is uncertain, is it the best move for you to be borrowing more money on top of it all? If you do want a loan payment protection plan, ask about exclusions and small print which could make it harder for you to benefit from the plan.
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