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An unsecured personal loan is an advance of money (normally between £500 and £25,000) that you can borrow from an unsecured lender such as a high street lender or specialist unsecured loan company and which you pay back over a defined number of months or years. You will be asked to pay an amount of interest to the unsecured loan company for receiving the unsecured loan; the total amount you repay can differ from unsecured loan company to unsecured loan company.
An unsecured loan is often used for a wide range of options, for example, to finance a holiday abroad or an extension to your home, or to clear existing debt such as high APR short term loans. pay back monthly.
Unsecured loan APRs are normally fixed for the duration of the unsecured loan contract, which means you know exactly the amount you will repay monthly.
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With an unsecured personal loan the amount an unsecured loan company asks for can range from starting around 5.0% APR to a massive 39.9% APR. Finding the right unsecured loan can be difficult as there are so many unsecured loan products wishing to give you a loan (if you meet their credit requirements, of course).
To ensure that you make the most from your personal unsecured loan, make sure you always compare a variety of unsecured lenders. A difference in interest rates could literally end up costing you £££'s during the life of your unsecured personal loan.
Unsecured personal loans credit check : Unsecured lenders have to make sure that applicants are a 'good risk' and therefore don't carry a history of credit problems and outstanding debts. To accomplish this, the unsecured loan company will obtain your credit history from a credit reference agency. A poor credit record will not automatically exclude you from getting a personal unsecured loan, nevertheless, it's likely you will have to pay a higher unsecured loan interest rate. Credit scoring for unsecured loans : Unsecured loan companies do not use the same criteria for approving unsecured personal loans, so while you may fall short of one unsecured loan provider's qualifications, you may fit another's. A specialist loan broker who is knowledgable about unsecured companies' criteria can introduce you to the appropriate unsecured company.
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