Consumer Debt Management Guaranteed For Large Unsecured Debts

An unsecured loan is precisely what it suggests, a loan 'not secured' on your home, for you to use as you wish. Many people use them to pay for a new car, the holiday of a lifetime, house renovations, or possibly to settle costly credit card debts at one time, therefore letting you to stretch the instalments over a longer time with a lower interest rate.

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 rating) but some unsecured lenders can give you as high as £25,000 unsecured (if you have an EXCELLENT credit history). Then again, don't forget that you have to be able to afford all the loan repayments. With unsecured loans, you can often be approved in principle over the telephone.

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What are the min/max repayment periods for an unsecured loan?
In part this is determined by the unsecured loan company. A number of unsecured loan companies could grant an unsecured loan for as little as 1 year, however, a 5 to 7 year term is more frequent. The maximum unsecured loan length is generally seven years but some unsecured loan companies will advance an unsecured loan over 10 years. Unsecured loans are best for people who want to pay back a purchase within a few years. If you simply need the money for a period of, for instance, six months, borrowing from a credit card may be cheaper.

How does an unsecured loan interest rate operate?
Unsecured loan rates are usually fixed for the whole term of the unsecured lending agreement, which means you know specifically how much you are required to pay back per month. The disadvantage is that you could potentially repay more than people who get a similar unsecured loan in six months' time - on the other hand, you could pay less! Either way, you do not have to be concerned about your loan payments rising uncontrollably. A lot of unsecured loan companies will request that you take out a direct debit for the loan instalments. Normally, the loan interest charge is lower when you borrow a bigger unsecured loan. With unsecured loans, the most significant factor to check out is the Annual Percentage Rate (APR). It's also advisable to find out how much the unsecured loan will cost you in total.

Do unsecured loan applications include a credit history check?
Yes, unsecured loan companies need to be satisfied that you are a 'good risk' and therefore don't carry a past of adverse credit and outstanding debts. To do this, the unsecured lender will check your credit history from a credit reference agency - Equifax, CallCredit plc or Experian. A poor credit history won't inevitably preclude you from getting a personal unsecured loan, however, in all probability you will be charged a higher rate of interest. You may find it harder to get an unsecured personal loan if you are a sole trader or if your employment status is temporary.

What is an unsecured loan payment protection insurance?
This is an insurance policy you can take out to pay for (under certain conditions) the unsecured loan monthly payments if you cannot - for instance, if you've lost your job. Think carefully whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is frequently expensive and if your financial situation is shaky, is it the best move for you to be going further into debt anyway? If you do need a loan payment protection plan, enquire about exclusions and small print which might make it impossible for you to claim from the policy.

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