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With an unsecured loan, how much money can I borrow?
You can typically take out an unsecured loan for up to £15,000 (if you have a good credit rating) but certain unsecured loan companies can grant you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, keep in mind that you have to have the income to meet all the loan repayments. With unsecured loan companies, you can often get approval in principle over the phone.
What are the min/max repayment terms for an unsecured loan?
This partly depends on the unsecured lender. A number of unsecured lenders can provide an unsecured loan for as little as 12 months, although a 5 to 7 year term is more frequent. The maximum unsecured loan length is usually 7 years but certain unsecured lenders will loan over 10 years. Unsecured loans are more suitable for people who want to repay a purchase over a few years. For those who only need the money for a short period, say, 6 months, borrowing from your credit card may make more sense.
How does an unsecured loan interest rate operate?
Unsecured loan rates are usually fixed for the duration of the unsecured lending agreement, which means you know precisely the amount you are required to repay per month. The disadvantage is that you might possibly pay more than other borrowers who get a similar unsecured loan in 6 months' time - then again, you might pay less! Either way, you will not need to be concerned about your loan payments shooting up. Many unsecured loan providers will request that you take out a direct debit for the loan instalments. Typically, the loan interest rate is smaller when you borrow a bigger unsecured loan amount. With an unsecured loan, the key element to look for is the Annual Percentage Rate (APR). Additionally, it's essential to be aware of how much the unsecured loan will cost you in total.
Do unsecured loans include a credit history check?
Yes, unsecured loan companies have to be certain that borrowers are a 'good risk' and therefore don't carry a record of bad debts and outstanding debts. To accomplish this, the unsecured loan company will request your credit file from a credit reference agency - Equifax, Experian and CallCredit plc. An adverse credit past won't necessarily hinder you from obtaining a personal unsecured loan, but you will most likely be charged a higher level of loan interest rate. You may find it more difficult to obtain a personal unsecured loan if you are a contractor or have a temporary employment agreement.
What is an unsecured loan payment protection insurance?
This is an insurance cover you can get to pay for (under certain conditions) the monthly loan repayments in the situation where you are incapable of doing so - for example, if you've lost your job. Think carefully whether you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are unstable, is it wise to be increasing your debt load on top of it all? If you do need a payment protection insurance, check out the exclusions and small print which might make it harder for you to benefit from the plan.
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