Unsecured 24 Loan
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With an unsecured loan, how much can I borrow?
You can generally take out a personal unsecured loan for up to £15,000 (if you have a good credit rating) however, some unsecured loan companies can grant you up to £25,000 unsecured (if you have an EXCELLENT credit history). However, keep in mind that you must have the available income to make the monthly loan repayments. With unsecured loans, you can normally be approved in principle over the telephone.
What are the min/max repayment periods for an unsecured loan?
In part this is determined by the unsecured loan company. A number of unsecured loan companies will 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 generally seven years but some unsecured lenders will lend over 10 years. Unsecured loans are more suitable for those who want to pay back a purchase over a few years. For those who only need the money over, say, 6 months, purchasing with a credit card may be better.
How does the unsecured interest rate work?
Unsecured loan APRs are usually fixed for the duration of the unsecured lending agreement, which means you know precisely the amount you must pay back every month. The drawback is that you could pay more than borrowers who get a similar unsecured loan in 6 months' time - then again, you might pay less! Either way, you will not have to be anxious about your loan payments shooting up. Some unsecured loan companies will request that you agree to a direct debit for the loan repayments. Generally, the loan interest rate is less if you take out a larger unsecured loan. With unsecured loans, the critical element to look for is the Annual Percentage Rate (APR). In addition, it is crucial to know how much the unsecured loan will cost you in total.
Will there be a credit score check?
Yes, unsecured loan companies want to make sure that you are a 'good risk' and therefore do not have a record of adverse credit and neglected debts. To ensure this, the unsecured lender will request your credit history from a credit reference agency - CallCredit plc, Equifax or Experian. A bad credit record won't inevitably prevent you from getting a personal unsecured loan, nevertheless, chances are you will be charged a higher rate of interest. You might find it harder to get approved for a personal unsecured loan if you are a sole trader or if you are just starting a new employment contract.
What is an unsecured loan insurance ?
This is an insurance plan you can buy to pay (under certain conditions) the monthly repayments of the loan when you are incapable of doing so - for instance, when you have lost your job. Evaluate carefully if this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial circumstances are precarious, is it prudent to be extending your debt burden on top of it all? If you decide that you would rather have a payment protection insurance, enquire about exclusions and small print which might make it impossible for you to benefit from the cover.
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