Unsecured Loan Companies In UK
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With an unsecured loan, how much can I borrow?
You can generally take out an unsecured personal loan for up to £15,000 (if you have a good credit history) but a number of unsecured lenders can give you as much as £25,000 unsecured (if you have an EXCELLENT credit record). Nonetheless, bear in mind that you must have the income to meet the loan repayments. With unsecured loan products, you can often be approved in principle over the phone.
What are the min/max repayment periods for an unsecured loan?
This partly is determined by the unsecured lender. Some unsecured loan companies can offer an unsecured loan for as little as 12 months, though a 5 to 7 year term is more common. The maximum unsecured loan term is usually seven years but certain unsecured loan companies will lend over 10 years. Unsecured loans are more suitable for those who want to repay the loan over a few years. If you simply want the money for a short period, for example, six months, purchasing with a credit card may be more suitable.
How does the unsecured interest rate work?
Unsecured loan APRs are generally fixed for the length of the unsecured loan agreement, which means you know exactly how much you will repay per month. The drawback is that you might possibly pay more than others 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 worry about your loan instalments shooting up. A lot of unsecured lenders will insist that you take out a direct debit for the loan payments. Generally, the loan interest charge is smaller when you take out a larger unsecured loan. With unsecured loans, the most important factor to be aware of is the Annual Percentage Rate (APR). Additionally, it's advisable to know the amount the unsecured loan will cost you in total.
Do unsecured loan applications include a credit score check?
Yes, unsecured lenders want to ensure that applicants represent a 'good risk' and therefore do not have a past of poor credit and overdue debts. To achieve this, the unsecured loan provider will get your credit history from a credit reference agency - Experian, Equifax or CallCredit plc. A poor credit history won't inevitably stop you from obtaining a personal unsecured loan, but you will most likely be given an increased unsecured loan interest rate. You may find it harder to get approved for a personal unsecured loan if you are a sole trader or have a temporary employment agreement.
What is an unsecured loan payment protection insurance?
This is an insurance policy you can take out to pay (under certain conditions) the monthly repayments of the loan if you are unable to - for example, if you've lost your job. Consider with care whether this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial position is precarious, is it wise to be increasing your debt load anyway? If you would rather have a loan payment protection plan, ask about exclusions and small print which might make it difficult for you to benefit from the insurance.
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