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An unsecured loan is precisely what it suggests, a loan 'not secured' on your house, that you can use as you would like. People often use them to get a new car, a special holiday, house renovations, or even to clear spiralling credit card debts in one go, thus giving you freedom to extend the installments over a longer term with a smaller interest rate.

With an unsecured loan, how much money can I borrow?
You can typically get an unsecured personal loan for up to £15,000 (if you have a good credit rating) but some unsecured lenders can offer you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Nonetheless, bear in mind that you have to have the available income to meet the monthly loan repayments. With unsecured loans, you can normally be approved in principle over the phone.

What are the min/max repayment periods for an unsecured loan?
In part this is up to the unsecured loan company. Some unsecured lenders can provide an unsecured loan for as little as 12 months, although a 5 to 7 year term is more usual. The maximum unsecured loan term is typically seven years but a number of unsecured loan companies will loan over 10 years. Unsecured loans make most sense for applicants who want to pay back a purchase over a few years. For those who only need the money over, for example, six months, purchasing with 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 loan agreement, which means you know exactly the amount you will pay back monthly. The drawback is that you could pay more than people who are offered a similar unsecured loan in 6 months' time - then again, you might pay less! Either way, you will not have to worry about your loan payments increasing. Many unsecured lenders will request that you arrange a direct debit for the loan payments. Generally, the loan interest rate is smaller when you borrow a bigger unsecured loan. With unsecured loans, the most important point to look for is the Annual Percentage Rate (APR). It's also essential to know how much the unsecured loan will cost you in total.

Will there be a credit check?
Yes, unsecured loan providers need to be certain that borrowers are a 'low risk' and therefore don't carry a record of adverse credit and outstanding debts. To accomplish this, the unsecured loan provider will request your credit file from a credit reference agency - Experian, Equifax or CallCredit plc. A poor credit history will not automatically hinder you from obtaining an unsecured loan, nonetheless, you will most likely get an offer with an increased rate of interest. You may find it more difficult to obtain a personal unsecured loan when you are self employed or if you are newly employed.

What is an unsecured loan protection insurance?
This is an insurance cover you can purchase to pay for (under certain conditions) the unsecured loan monthly payments if you are incapable of doing so - for instance, if you've lost your job. Consider carefully whether this is actually necessary. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are shaky, is it prudent to be increasing your debt load anyway? If you decide that you do need a payment protection insurance, enquire about exclusions and small print which might make it impossible for you to claim from the cover.

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