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A personal unsecured loan is precisely what it suggests, a loan 'not secured' on your property, that you can spend as you want. A lot of people use them to purchase a new car, a special holiday, home improvements, or possibly to clear crippling credit card bills in one go, so giving you freedom to extend the instalments over a longer term with a smaller APR.

With an unsecured loan, how much is it possible to borrow?
You can usually get an unsecured personal loan for up to £15,000 (if you have a good credit rating) but a number of unsecured lenders can grant you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, keep in mind that you are required to have the available income to make the monthly loan repayments. With unsecured loan companies, you can often get approval in principle over the phone.

What are the maximum and minimum repayment periods for an unsecured loan?
In part this depends on the unsecured loan company. Some unsecured lenders could give an unsecured loan for as little as twelve months, however, a 5 to 7 year term is more likely. The maximum unsecured loan term is normally 7 years but certain unsecured loan companies will advance an unsecured loan over 10 years. Unsecured loans make most sense for people who want to repay something over a few years. For those who only want the money over, say, 6 months, using your credit card may be cheaper.

How does the unsecured interest rate work?
Unsecured loan APRs are generally fixed for the duration of the unsecured lending agreement, which means you know specifically the amount you are required to repay each month. The drawback is that you might possibly repay more than people who are offered a similar unsecured loan in six months' time - then again, you might pay less! Either way, you have no need to be anxious about you unsecured loan instalments soaring. A lot of unsecured loan companies will require that you arrange a direct debit for the loan payments. Normally, the rate of interest is smaller if you borrow a bigger unsecured loan. With unsecured loans, the most important point to be aware of is the Annual Percentage Rate (APR). In addition, it is advisable to consider the amount the unsecured loan will cost you in total.

Will I have to pass a credit history check?
Yes, unsecured lenders want to be certain that you represent an 'acceptable risk' and therefore do not have a history of adverse credit and overdue debts. To achieve this, the unsecured lender will check your credit file from a credit reference agency - Experian, Equifax or CallCredit plc. An impaired credit history won't necessarily hinder you from getting an unsecured loan, but you will probably get an offer with an increased rate of interest. You might find it harder to get approved for an unsecured personal loan if you are a contractor or are on a short-term contract.

What is an unsecured loan protection insurance?
This is an insurance policy you can get to pay for (under certain conditions) the monthly repayments of the loan if you are incapable of doing so - for example, if you've lost your job. Think with care if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial situation is uncertain, is it wise to be borrowing more money anyway? If you decide that you do want a payment protection insurance, ask about exclusions and small print which might make it impossible for you to benefit from the policy.

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