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A personal unsecured loan means exactly what it says, a loan 'not secured' on your assets, that you can use as you would like. People tend to use them to get a car, a dream holiday, home improvements, or possibly to clear spiralling credit card debts at one time, thus giving you freedom to make the reimbursements over a longer term at a lower interest rate.

With an unsecured loan, how much money can I borrow?
You can typically get a personal unsecured loan for up to £15,000 (if you have a good credit history) but some unsecured lenders can give you up to £25,000 unsecured (if you have an EXCELLENT credit rating). However, bear in mind that you should have the income to make the loan repayments. With unsecured loan products, you can frequently get approval in principle over the telephone.

What are the maximum & minimum repayment terms for an unsecured loan?
In part this is up to the unsecured loan company. Some unsecured loan companies will grant an unsecured loan for as little as 1 year, although a 5 to 7 year term is more common. The maximum unsecured loan term is normally seven years but certain unsecured loan companies will loan over 10 years. Unsecured loans make most sense for people who want to repay something within a few years. For people who only want the money for a short period, for example, 6 months, borrowing from your credit card may be cheaper.

How does an unsecured loan interest rate operate?
Unsecured loan interest rates are usually fixed for the whole term of the unsecured loan agreement, which means you know exactly the amount you are required to pay back per month. The disadvantage is that you could potentially pay more than borrowers who get a similar unsecured loan in six months' time - on the other hand, you may very well pay less! Either way, you will not have to be anxious about you unsecured loan instalments soaring. Many unsecured loan providers will request that you set up a direct debit for the loan repayments. Normally, the loan interest rate is smaller when you borrow a bigger unsecured loan amount. With unsecured loans, the essential point to be aware of is the Annual Percentage Rate (APR). Additionally, it's important to find out how much the unsecured loan will cost you in total.

Will there be a credit check?
Yes, unsecured loan providers want to ensure that borrowers are a 'low risk' and therefore don't carry a history of credit problems and outstanding debts. To ensure this, the unsecured loan provider will check your credit file from a credit reference agency - Experian, CallCredit plc or Equifax. A bad credit past won't necessarily hinder you from obtaining an unsecured personal loan however, there is a good chance you will have to pay a higher unsecured loan interest rate. You might find it more difficult to get approved for an unsecured personal loan when you are self employed or if you are just starting in a new job.

What is an unsecured loan insurance ?
This is an insurance plan you can buy to pay (under certain conditions) the unsecured loan monthly payments in the situation where you cannot - for instance, if you've lost your job. Evaluate with care if you really need this or not. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial circumstances are uncertain, is it the best move for you to be borrowing more money on top of it all? If you would rather have a loan payment protection plan, check out the exclusions and small print which could make it impossible for you to benefit from the plan.

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