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An unsecured loan is precisely what it suggests, a loan 'not secured' on your house, that you can spend as you want. Many people use them to buy a car, a dream holiday, home improvements, or maybe to clear crippling credit card bills at one time, therefore allowing you to stretch the instalments over a longer time with a reduced interest charge.
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 rating) but some unsecured lenders can give you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, keep in mind that you are required to have the available income to make all the 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 up to the unsecured loan company. Some unsecured loan companies 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 loan companies will loan over 10 years. Unsecured loans are best for those who want to repay a purchase over a few years. If you only want the money for a period of, for instance, six months, using your credit card may make more sense.
How does an unsecured loan interest rate operate?
Unsecured loan interest rates are generally fixed for the duration of the unsecured loan contract, which means you know exactly the amount you will have to repay monthly. The disadvantage is that you could potentially repay more than borrowers who take out a similar unsecured loan in six months' time - on the other hand, you might pay less! Either way, you will not have to be anxious about unsecured loan repayments shooting up. Some unsecured loan companies will request that you agree to a direct debit for the loan instalments. Usually, the loan interest rate is lower if you take out a bigger unsecured loan. With unsecured loans, the critical element to be aware of is the Annual Percentage Rate (APR). In addition, it is advisable to know how much the unsecured loan will cost you in total.
Do unsecured loan applications include a credit score check?
Yes, unsecured lenders need to be certain that applicants represent an 'acceptable risk' and therefore do not have a record of poor credit and neglected debts. To accomplish this, the unsecured loan company will check your credit record from a credit reference agency - Experian, CallCredit plc or Equifax. A bad credit past won't inevitably stop you from obtaining an unsecured personal loan nevertheless, chances are you will be given an increased unsecured loan interest rate. You might find it more difficult to get a personal unsecured loan if you are a sole trader or if you are just starting in a new job.
What is an unsecured loan insurance ?
This is an insurance cover you can take out to pay for (under certain conditions) the monthly repayments of the loan if you cannot - for example, when you have lost your job. Consider carefully whether this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial position is unstable, is it wise to be going further into debt on top of it all? If you do need a payment protection insurance, ask about exclusions and small print which could make it harder for you to benefit from the cover.
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