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An unsecured loan is precisely what it suggests, a loan 'not secured' on your home, that you can spend as you would like. People tend to use them to purchase a new car, a special holiday, home improvements, or even to clear crippling credit card bills in one go, so allowing you to stretch the repayments over a longer term with a smaller APR.
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 history) but some unsecured loan companies can grant you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, bear in mind that you have to have the income to meet the monthly loan repayments. With unsecured lenders, you can normally be approved in principle over the telephone.
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What are the min/max repayment terms for an unsecured loan?
This partly is determined by the unsecured loan provider. Some unsecured lenders could give an unsecured loan for as little as twelve months, although a 5 to 7 year term is more usual. The maximum unsecured loan term is normally seven years but certain unsecured lenders will lend over 10 years. Unsecured loans are more suitable for applicants who want to repay the loan within a few years. For those who only need the money over, say, six months, borrowing from your credit card may be better.
How does the unsecured interest rate work?
Unsecured loan rates are usually fixed for the length of the unsecured lending agreement, which means you know exactly the amount you are required to repay monthly. The disadvantage is that you could potentially pay more than borrowers who borrow a similar unsecured loan in 6 months' time - then again, you could pay less! Either way, you will not need to worry about your loan payments soaring. A lot of unsecured loan providers will require that you arrange a direct debit for the loan payments. Generally, the rate of interest is smaller when you take out a bigger unsecured loan. With unsecured loans, the critical point to be aware of is the Annual Percentage Rate (APR). In addition, it is advisable to consider how much the unsecured loan will cost you in total.
Will there be a credit check?
Yes, unsecured loan providers want to ensure that you represent a 'good risk' and therefore do not have a past of adverse credit and unpaid debts. To do this, the unsecured loan company will check your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. An impaired credit past will not automatically preclude you from obtaining a personal unsecured loan, however, chances are you will get an offer with an increased rate of interest. You might find it more difficult to get an unsecured loan when you are self employed or if you are just starting a new employment contract.
What is an unsecured loan protection insurance?
This is an insurance cover you can purchase to pay for (under certain conditions) the unsecured loan monthly payments when you cannot - for example, if you've lost your job. Consider with care whether you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is frequently expensive and if your financial circumstances are unsteady, is it wise to be increasing your debt load on top of it all? If you decide that you do want a payment protection insurance, ask about exclusions and small print which might make it impossible for you to claim from the policy.
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