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With an unsecured loan, how much money can I borrow?
You can typically get a personal unsecured loan for up to £15,000 (if you have a good credit history) however, some unsecured loan companies can grant you up to £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, keep in mind that you should have the income to make the loan instalments. With unsecured loans, you can normally be approved in principle over the telephone.
What are the min/max repayment terms for an unsecured loan?
This partly is determined by the unsecured loan provider. A number of unsecured loan companies will grant an unsecured loan for as little as one year, although a 5 to 7 year term is more frequent. The maximum unsecured loan length is typically 7 years but some unsecured loan companies will loan over 10 years. Unsecured loans are best for those who want to pay back something over a few years. If you simply want the money for a period of, for example, six months, borrowing from your credit card may be more suitable.
How does the unsecured interest rate work?
Unsecured loan rates are usually fixed for the duration of the unsecured loan contract, which means you know exactly the amount you will have to repay every month. The disadvantage is that you could pay more than borrowers who get a similar unsecured loan amount in 6 months' time - on the other hand, you may very well pay less! Either way, you have no need to be anxious about loan repayments soaring. Some unsecured lenders will request that you agree to a direct debit for the loan payments. Normally, the loan interest rate is less when you borrow a larger unsecured loan amount. With unsecured loans, the essential point to note is the Annual Percentage Rate (APR). In addition, it is advisable to consider the amount the unsecured loan will cost you in total.
Do unsecured loan applications include a credit history check?
Yes, unsecured loan companies want to be satisfied that loan applicants represent a 'good risk' and therefore don't carry a past of bad credit and neglected debts. To ensure this, the unsecured loan provider will check your credit record from a credit reference agency - CallCredit plc, Equifax or Experian. An impaired credit history won't necessarily prevent you from obtaining a personal unsecured loan, however, there is a good chance you will have to pay a higher unsecured loan interest rate. You may find it harder to get approved for a personal unsecured loan if you are self-employed or are on a short-term contract.
What is an unsecured loan insurance ?
This is an insurance cover you can get to pay for (under certain conditions) the monthly repayments of the loan when you are incapable of doing so - for instance, if you've lost your job. Think with care if you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are shaky, is it the best move for you to be borrowing more money on top of it all? If you decide that you do need a loan payment protection plan, look into exclusions and small print which might make it harder for you to benefit from the plan.
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