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With an unsecured loan, what amount can I borrow?
You can normally get an unsecured personal loan for up to £15,000 (if you have a good credit rating) however, some unsecured loan companies can give you as high as £25,000 unsecured (if you have an EXCELLENT credit record). Nevertheless, keep in mind that you should have the income to make all the loan repayments. With unsecured loan companies, you can normally be approved in principle over the phone.
What are the min/max repayment periods for an unsecured loan?
This partly is up to the unsecured lender. A number of unsecured loan companies can provide an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more likely. The maximum unsecured loan term is typically 7 years but some unsecured lenders will loan over 10 years. Unsecured loans are best for people who want to repay the money borrowed within a few years. For those who only want the money for a period of, for example, six months, borrowing from your credit card may be more suitable.
How does the unsecured interest rate work?
Unsecured loan rates are usually fixed for the duration of the unsecured loan agreement, which means you know exactly the amount you will have to pay back monthly. The disadvantage is that you could potentially repay more than people who are offered a similar unsecured loan in 6 months' time - on the other hand, you might pay less! Either way, you have no need to be anxious about your unsecured loan payments increasing. Some unsecured loan companies will insist that you agree to a direct debit for the loan payments. Typically, the loan interest rate is smaller when you take out a bigger unsecured loan amount. With unsecured loans, the critical element to be aware of is the Annual Percentage Rate (APR). It's also advisable to be aware of how much the unsecured loan will cost you in total.
Will I have to pass a credit history check?
Yes, unsecured loan providers have to be satisfied that you represent a 'good risk' and therefore do not have a history of bad credit and neglected debts. To do this, the unsecured loan provider will get your credit file from a credit reference agency - Experian, CallCredit plc or Equifax. A bad credit history won't necessarily stop you from obtaining an unsecured personal loan but you will most likely have to pay a higher unsecured loan interest rate. You might find it harder to get approved for an unsecured loan when you are self employed or if you have a short term employment contract.
What is an unsecured loan protection insurance?
This is an insurance plan you can get to pay for (under certain conditions) the monthly loan repayments when you cannot - for instance, if you have lost your job. Consider carefully if you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are unstable, is it prudent to be going further into debt on top of it all? Should you decide you do need a payment protection insurance, ask about exclusions and small print which might make it difficult for you to benefit from the cover.
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