Consumer Debt Management For UK Non Homeowners With Bad Debts
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An unsecured loan means exactly what it says, a loan 'not secured' on your property, that you can spend as you wish. People tend to use them to buy a car, a special holiday, house renovations, or maybe to pay off spiralling credit card bills at one time, so freeing you to stretch the instalments over a longer period with a smaller interest charge.
With an unsecured loan, how much can I borrow?
You can generally get an unsecured personal loan for up to £15,000 (if you have a good credit rating) however, certain unsecured loan companies can grant you as much as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, keep in mind that you should be able to afford every loan repayment. With unsecured loan applications, you can frequently get approval in principle over the telephone.
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What are the maximum and minimum repayment periods for an unsecured loan?
In part this is up to the unsecured lender. A number of unsecured lenders would grant an unsecured loan for as little as 1 year, though a 5 to 7 year term is more likely. The maximum unsecured loan term is generally seven years but a number of unsecured loan companies will loan over 10 years. Unsecured loans make most sense for people who want to repay the loan over a few years. If you simply want the money over, say, 6 months, purchasing with your credit card may be more suitable. A large number of online users found this page with a misspelt search terms like 'consolidation loans unsercured', 'best unsecure loans uk' or 'bad credit unsecures loans'.
How does an unsecured loan interest rate operate?
Unsecured loan APRs are usually fixed for the whole term of the unsecured lending agreement, which means you know exactly how much you must repay every month. The drawback is that you might possibly repay more than other borrowers who borrow a similar unsecured loan in six months' time - on the other hand, you could pay less! Either way, you will not have to be anxious about loan repayments increasing. Many unsecured loan companies will require that you agree to a direct debit for the loan repayments. Typically, the rate of interest is lower if you take out a bigger unsecured loan amount. With unsecured loans, the most significant factor to look for is the Annual Percentage Rate (APR). In addition, it is important to consider the amount the unsecured loan will cost you in total.
Do unsecured loans include a credit history check?
Yes, unsecured lenders need to make sure that borrowers represent a 'good risk' and therefore do not have a history of bad debts and neglected debts. To achieve this, the unsecured loan provider will request your credit record from a credit reference agency - Equifax, Experian and CallCredit plc. An impaired credit history will not automatically preclude you from obtaining a personal unsecured loan, but in all probability you will get an offer with an increased rate of interest. You might find it more difficult to get an unsecured personal loan if you are self-employed or have a temporary employment agreement.
What is an unsecured loan insurance ?
This is an insurance you can take out to pay (under certain conditions) the monthly loan repayments in the event you are unable to - for example, when you have lost your job. Consider carefully whether you really require this. Unsecured loan payment protection insurance (a bundle with the loan) is often expensive and if your financial position is unsteady, is it prudent to be going further into debt on top of it all? Should you decide you would rather have a payment protection insurance, ask about exclusions and small print which could make it difficult for you to claim from the plan.
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