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A personal unsecured loan means exactly what it says, a loan 'not secured' on your property, for you to use as you want. A lot of people use them to buy a car, a special holiday, house renovations, or possibly to pay off costly credit card bills at one time, so giving you freedom to spread the installments over a longer term with a lower interest rate.

With an unsecured loan, what amount can I borrow?
You can normally take out a personal unsecured loan for up to £15,000 (if you have a good credit rating) however, some unsecured lenders can give you up to £25,000 unsecured (if you have an EXCELLENT credit history). However, keep in mind that you have to be able to afford every loan repayment. With unsecured loan applications, you can frequently be approved in principle over the telephone.

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What are the min/max repayment periods for an unsecured loan?
This partly is determined by the unsecured loan company. Some unsecured loan companies would offer an unsecured loan for as little as twelve months, though a 5 to 7 year term is more frequent. The maximum unsecured loan term is typically 7 years but some unsecured lenders will lend over 10 years. Unsecured loans are more suitable for borrowers who want to pay back a purchase within a few years. If you simply need the money over, for instance, six months, using a credit card may be better. It may interest you to know, as you read this useful article, that plenty of people make the error of typing 'capital one unsecurd loans', 'best unsecred loans' or 'bad credit unsecure loans' when attempting to obtain online information relevant to to this topic.

How does the unsecured interest rate work?
Unsecured loan interest rates are usually fixed for the duration of the unsecured lending agreement, which means you know specifically how much you will have to pay back each month. The disadvantage is that you might possibly repay more than people who get a similar unsecured loan in 6 months' time - on the other hand, you might pay less! Either way, you do not have to worry about your loan payments increasing. Some unsecured lenders will request that you arrange a direct debit for the loan instalments. Generally, the rate of interest is smaller if you take out a larger unsecured loan. With unsecured loans, the most significant point to be aware of is the Annual Percentage Rate (APR). It's also essential to find out the amount the unsecured loan will cost you in total.

Do unsecured loans include a credit history check?
Yes, unsecured loan companies need to ensure that borrowers represent a 'good risk' and therefore don't carry a history of credit problems and outstanding debts. To achieve this, the unsecured lender will check your credit record from a credit reference agency - Experian, Equifax or CallCredit plc. An adverse credit past will not automatically preclude you from obtaining a personal unsecured loan, however, in all probability you will be charged a higher rate of interest. You may find it harder to get an unsecured personal loan if you are a sole trader or are on a short-term contract.

What is an unsecured loan protection insurance?
This is an insurance cover you can take out to pay for (under certain conditions) the monthly repayments of the loan in the situation where you cannot - for example, if you have lost your job. Think with care if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are unstable, is it prudent to be going further into debt anyway? If you decide that you do want a loan payment protection plan, ask about exclusions and small print which might make it impossible for you to benefit from the cover.

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