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With an unsecured loan, what amount can I borrow?
You can normally take out a personal unsecured loan for up to £15,000 (if you have a good credit record) however, some unsecured lenders can give you up to £25,000 unsecured (if you have an EXCELLENT credit rating). Nevertheless, keep in mind that you are required to have the available income to meet the loan instalments. With unsecured loan products, you can normally be approved in principle over the phone.
What are the min/max repayment terms for an unsecured loan?
In part this is up to the unsecured loan company. Some unsecured loan companies can give an unsecured loan for as little as twelve months, though a 5 to 7 year term is more common. The maximum unsecured loan term is normally seven years but a number of unsecured lenders will lend over 10 years. Unsecured loans make most sense for borrowers who want to repay something over a few years. For those who only want the money over, say, 6 months, purchasing with a credit card may be better.
How does an unsecured loan interest rate operate?
Unsecured loan rates are normally fixed for the duration of the unsecured lending agreement, which means you know precisely the amount you must repay monthly. The drawback is that you might possibly pay more than people who borrow a similar unsecured loan amount in 6 months' time - then again, you might pay less! Either way, you do not have to be anxious about unsecured loan repayments soaring. Some unsecured loan providers will require that you agree to a direct debit for the loan payments. Usually, the loan interest rate is lower if you borrow a larger unsecured loan amount. With unsecured loans, the crucial factor to check out is the Annual Percentage Rate (APR). Additionally, it's crucial to be aware of the amount the unsecured loan will cost you in total.
Do unsecured loan applications include a credit score check?
Yes, unsecured loan providers want to be satisfied that you represent an 'acceptable risk' and therefore do not have a history of bad credit and outstanding debts. To accomplish this, the unsecured loan company will request your credit history from a credit reference agency - Equifax, CallCredit plc or Experian. An adverse credit history won't necessarily prevent you from obtaining an unsecured personal loan nevertheless, you will most likely be given an increased unsecured loan interest rate. You might find it harder to get approved for a personal unsecured loan if you are a contractor or are on a short-term contract.
What is an unsecured loan payment protection insurance?
This is an insurance cover you can take out to pay (under certain conditions) the monthly loan repayments when you are unable to - for instance, if you've lost your job. Consider carefully if you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently costly and if your financial circumstances are shaky, is it prudent to be going further into debt on top of it all? Should you decide you would rather have a loan payment protection plan, look into exclusions and small print which might make it harder for you to claim from the policy.
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