Unsecured Guarantor Loan
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With an unsecured loan, what amount can I borrow?
You can normally take out an unsecured personal loan for up to £15,000 (if you have a good credit rating) but certain unsecured loan companies can give you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Nonetheless, keep in mind that you should have the available income to meet the monthly loan repayments. With unsecured loan applications, you can frequently get approval in principle over the telephone.
What are the maximum and minimum repayment periods for an unsecured loan?
In part this is determined by the unsecured lender. Some unsecured lenders could provide an unsecured loan for as little as one year, although a 5 to 7 year term is more usual. The maximum unsecured loan length is generally seven years but certain unsecured loan companies will loan over 10 years. Unsecured loans are best for those who want to repay the loan over a few years. For people who only need the money over, say, 6 months, purchasing with your credit card may make more sense.
How does the unsecured interest rate work?
Unsecured loan interest rates are normally fixed for the whole term of the unsecured loan agreement, which means you know specifically how much you have to repay per month. The disadvantage is that you could potentially pay more than other borrowers who get a similar unsecured loan in six months' time - on the other hand, you could pay less! Either way, you have no need to be concerned about loan repayments escalating. Some unsecured lenders will insist that you take out a direct debit for the loan instalments. Normally, the loan interest rate is less when you borrow a larger unsecured loan. With an unsecured loan, the key factor to look for is the Annual Percentage Rate (APR). It's also advisable to know how much the unsecured loan will cost you in total.
Will I have to pass a credit history check?
Yes, unsecured loan providers have to make sure that you are a 'low risk' and therefore don't carry a history of credit problems and neglected debts. To accomplish this, the unsecured lender will obtain your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. A poor credit history will not automatically stop you from getting an unsecured loan, nevertheless, you will most likely be charged a higher level of loan interest rate. You might find it harder to obtain a personal unsecured loan if you are a sole trader or if your employment status is temporary.
What is an unsecured loan insurance ?
This is an insurance cover you can take out to pay (under certain conditions) the monthly loan repayments when you are incapable of doing so - for instance, if you've lost your job. Think carefully whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial position is unsteady, is it prudent to be going further into debt on top of it all? If you decide that you do need a payment protection insurance, check out the exclusions and small print which might make it hard for you to benefit from the plan.
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