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With an unsecured loan, how much can I borrow?
You can generally get a personal unsecured loan for up to £15,000 (if you have a good credit rating) however, some unsecured loan companies can give you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Nonetheless, don't forget that you are required to have the income to make all the loan repayments. With unsecured loan products, you can frequently get approval in principle over the telephone.
What are the min/max repayment periods for an unsecured loan?
This partly is determined by the unsecured lender. Some unsecured loan companies can provide an unsecured loan for as little as one year, although a 5 to 7 year term is more common. The maximum unsecured loan length is typically seven years but some unsecured lenders will advance an unsecured loan over 10 years. Unsecured loans are best for people who want to repay the money borrowed within a few years. For those who only need the money for a short period, for example, 6 months, borrowing from your credit card may make more sense.
How does the unsecured interest rate work?
Unsecured loan APRs are normally fixed for the whole term of the unsecured loan contract, which means you know exactly how much you will have to pay back each month. The drawback is that you might pay more than borrowers who get a similar unsecured loan amount in six months' time - then again, you may very well pay less! Either way, you have no need to be anxious about loan repayments increasing. A lot of unsecured lenders will require that you arrange a direct debit for the loan repayments. Usually, the loan interest rate is smaller when you borrow a bigger unsecured loan amount. With unsecured loans, the crucial element to be aware of is the Annual Percentage Rate (APR). In addition, it is important to consider how much the unsecured loan will cost you in total.
Will I have to pass a credit history check?
Yes, unsecured loan companies want to be satisfied that loan applicants are a 'good risk' and therefore do not have a past of credit problems and unpaid debts. To accomplish this, the unsecured loan provider will check your credit history from a credit reference agency - CallCredit plc, Equifax or Experian. A bad credit record will not automatically preclude you from getting an unsecured personal loan nevertheless, you will most likely be given an increased unsecured loan interest rate. You might find it harder to obtain a personal unsecured loan if you are self-employed or have a temporary employment agreement.
What is an unsecured loan insurance ?
This is an insurance policy you can purchase to pay (under certain conditions) the unsecured loan monthly payments should your circumstances mean that you are unable to - for instance, if you've lost your job. Think carefully if you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial situation is shaky, is it prudent to be increasing your debt load on top of it all? Should you decide you do need a loan payment protection plan, enquire about exclusions and small print which could make it difficult for you to claim from the plan.
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