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A personal unsecured loan is what it says, a loan 'not secured' on your property, that you can use as you would like. People tend to use them to purchase a new car, a special holiday, house renovations, or possibly to pay off costly credit card debts in one go, so letting you to make the repayments over a longer term with a lower interest charge.

With an unsecured loan, how much money can I borrow?
You can typically get an unsecured loan for up to £15,000 (if you have a good credit record) but some unsecured loan companies can give you as high as £25,000 unsecured (if you have an EXCELLENT credit rating). Nonetheless, remember that you are required to be able to afford all the loan repayments. With unsecured loans, you can normally be approved in principle over the phone.

What are the maximum & minimum repayment terms for an unsecured loan?
In part this is determined by the unsecured lender. Some unsecured loan companies could give an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more likely. The maximum unsecured loan length is normally seven years but certain unsecured lenders will lend over 10 years. Unsecured loans make most sense for borrowers who want to pay back a purchase within a few years. For people who only want the money for a period of, for instance, six months, purchasing with your credit card may make more sense.

How does the unsecured interest rate work?
Unsecured loan APRs are normally fixed for the length of the unsecured loan agreement, which means you know exactly the amount you will repay every month. The disadvantage is that you might repay more than others who are offered a similar unsecured loan amount in 6 months' time - then again, you might pay less! Either way, you will not need to be anxious about your unsecured loan payments rising uncontrollably. Many unsecured lenders will request that you agree to a direct debit for the loan instalments. Usually, the rate of interest is smaller if you take out a bigger unsecured loan amount. With unsecured loans, the most significant point to look for is the Annual Percentage Rate (APR). Additionally, it's essential to be aware of how much the unsecured loan will cost you in total.

Will there be a credit score check?
Yes, unsecured lenders want to make sure that borrowers are an 'acceptable risk' and therefore do not have a past of bad credit and neglected debts. To accomplish this, the unsecured loan company will get your credit record from a credit reference agency - Equifax, CallCredit plc or Experian. An adverse credit record will not automatically stop you from obtaining a personal unsecured loan, but chances are you will be charged a higher level of loan interest rate. You may find it harder to obtain an unsecured personal loan if you are a contractor or have a temporary employment agreement.

What is an unsecured loan insurance ?
This is an insurance cover you can buy to pay (under certain conditions) the monthly repayments of the loan in the event you are incapable of doing so - for instance, when you have lost your job. Consider with care whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial circumstances are uncertain, is it the best move for you to be going further into debt anyway? If you decide that you do need a loan payment protection plan, look into exclusions and small print which could make it impossible for you to claim from the policy.

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