Debt Management Service For Unsecured Debt No Income
A personal unsecured loan is what it says, a loan 'not secured' on your home, that you can use as you wish. People often use them to purchase a new car, the holiday of a lifetime, home improvements, or possibly to clear costly credit card debts in a single go, thus letting you to extend 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 record) but some unsecured loan companies can give you up to £25,000 unsecured (if you have an EXCELLENT credit rating). Then again, bear in mind that you should have the income to meet the monthly loan repayments. With unsecured loans, you can normally get approval in principle over the telephone.
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What are the maximum & minimum repayment terms for an unsecured loan?
This partly depends on the unsecured lender. Some unsecured loan companies will provide an unsecured loan for as little as 12 months, however, a 5 to 7 year term is more likely. The maximum unsecured loan term is generally 7 years but a number of unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans make most sense for people who want to pay back a purchase over a few years. For people who only want the money for a period of, for instance, 6 months, purchasing with your credit card may be better.
How does an unsecured loan interest rate operate?
Unsecured loan rates are normally fixed for the duration of the unsecured lending agreement, which means you know exactly the amount you must repay every month. The drawback is that you might pay more than people who get a similar unsecured loan in 6 months' time - then again, you could pay less! Either way, you have no need to worry about your loan payments soaring. A lot of unsecured loan providers will require that you take out a direct debit for the loan payments. Typically, the loan interest rate is less if you borrow a bigger unsecured loan. With unsecured loans, the most important factor to be aware of is the Annual Percentage Rate (APR). In addition, it is advisable to consider the amount the unsecured loan will cost you in total.
Will there be a credit check?
Yes, unsecured lenders have to ensure that applicants represent a 'good risk' and therefore do not have a past of adverse credit and unpaid debts. To achieve this, the unsecured loan company will get your credit history from a credit reference agency - Equifax, Experian and CallCredit plc. A poor credit history will not automatically preclude you from obtaining an unsecured personal loan however, there is a good chance you will have to pay a higher unsecured loan interest rate. You may find it harder to obtain a personal unsecured loan if you are a sole trader or if you are newly employed.
What is an unsecured loan insurance ?
This is an insurance policy you can purchase to pay (under certain conditions) the monthly loan repayments should your circumstances mean that you are unable to - for example, when you have lost your job. Consider with care whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial situation is precarious, is it the best move for you to be going further into debt on top of it all? Should you decide you would rather have a loan payment protection plan, look into exclusions and small print which could make it hard for you to claim from the plan.
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