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An unsecured loan is precisely what it suggests, a loan 'not secured' on your assets, for you to spend as you want. People tend to use them to buy a car, the holiday of a lifetime, house renovations, or maybe to settle spiralling credit card bills at one time, therefore letting you to stretch the instalments over a longer term with a reduced interest rate.

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 record) but some unsecured lenders can grant you as high as £25,000 unsecured (if you have an EXCELLENT credit record). Then again, keep in mind that you must be able to afford the loan instalments. With unsecured loan applications, you can normally be approved in principle over the phone.

What are the min/max repayment periods for an unsecured loan?
This partly depends on the unsecured loan provider. Some unsecured lenders would offer an unsecured loan for as little as 12 months, although a 5 to 7 year term is more frequent. 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 something over a few years. If you only need the money over, for instance, 6 months, using a credit card may be cheaper.

How does an unsecured loan interest rate operate?
Unsecured loan rates are generally fixed for the duration 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 repay more than people who are offered a similar unsecured loan amount in 6 months' time - then again, you might pay less! Either way, you will not need to be concerned about your loan instalments soaring. A lot of unsecured loan providers will require that you take out a direct debit for the loan repayments. Usually, the rate of interest is less when you take out a larger unsecured loan amount. With unsecured loans, the most significant point to check out is the Annual Percentage Rate (APR). Additionally, it's advisable to consider the amount the unsecured loan will cost you in total.

Will there be a credit score check?
Yes, unsecured loan companies have to be satisfied that borrowers are a 'good risk' and therefore do not have a history of adverse credit and unpaid debts. To do this, the unsecured loan provider will check your credit history from a credit reference agency - Experian, CallCredit plc or Equifax. An impaired credit history won't inevitably hinder you from obtaining an unsecured personal loan but you will most likely have to pay a higher unsecured loan interest rate. You may find it harder to obtain a personal unsecured loan when you are self employed or if your employment status is temporary.

What is an unsecured loan insurance ?
This is an insurance cover you can buy to pay for (under certain conditions) the monthly repayments of the loan should your circumstances mean that you are incapable of doing so - for example, when you have lost your job. Consider 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 the best move for you to be extending your debt burden anyway? Should you decide you would rather have a payment protection insurance, look into exclusions and small print which could make it harder for you to claim from the cover.

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