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An unsecured loan is precisely what it suggests, a loan 'not secured' on your house, that you can use as you want. Many people use them to purchase a car, the holiday of a lifetime, house renovations, or even to clear spiralling credit card debts in one go, so freeing you to make the payments over a longer time at a lower interest rate.
With an unsecured loan, how much can I borrow?
You can generally take out a personal unsecured loan for up to £15,000 (if you have a good credit history) but a number of unsecured lenders can grant you up to £25,000 unsecured (if you have an EXCELLENT credit rating). Nevertheless, don't forget that you should have the financial means to make the monthly loan repayments. With unsecured lenders, you can normally be approved in principle over the phone.
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What are the maximum & minimum repayment terms for an unsecured loan?
In part this is up to the unsecured loan company. Some unsecured loan companies will provide an unsecured loan for as little as 1 year, though a 5 to 7 year term is more likely. The maximum unsecured loan length is usually seven years but a number of unsecured lenders will loan over 10 years. Unsecured loans make most sense for applicants who want to repay something over a few years. For people who only want the money over, for instance, six months, borrowing from a credit card may be cheaper.
How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the duration of the unsecured loan agreement, which means you know specifically how much you have to pay back each month. The disadvantage is that you could pay more than others who are offered a similar unsecured loan amount in 6 months' time - then again, you may very well pay less! Either way, you do not have to be concerned about your unsecured loan payments shooting up. Many unsecured loan companies will insist that you agree to a direct debit for the loan payments. Generally, the loan interest rate is less if you borrow a larger unsecured loan. With an unsecured loan, the key point to look for is the Annual Percentage Rate (APR). It's also advisable to consider the amount the unsecured loan will cost you in total.
Will there be a credit history check?
Yes, unsecured loan companies need to make sure that borrowers represent an 'acceptable risk' and therefore don't carry a past of bad debts and overdue debts. To do this, the unsecured lender will check your credit file from a credit reference agency - Experian, CallCredit plc or Equifax. An impaired credit history won't necessarily prevent you from obtaining an unsecured loan, nonetheless, there is a good chance you will be charged a higher level of loan interest rate. You might find it more difficult to get an unsecured personal loan when you are self employed or if you are just starting a new employment contract.
What is an unsecured loan insurance ?
This is an insurance you can take out to pay (under certain conditions) the unsecured loan monthly repayments when you are incapable of doing so - for example, if you have lost your job. Consider carefully whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are unsteady, is it wise to be going further into debt anyway? Should you decide you do need a payment protection insurance, enquire about exclusions and small print which could make it hard for you to benefit from the cover.
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