 Fast Easy No Credit Check Long Term Personal Unsecured Loans
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A personal unsecured loan is what it says, a loan 'not secured' on your property, that you can spend as you want. Many people use them to pay for a new car, the holiday of a lifetime, house renovations, or maybe to settle crippling credit card debts in a single go, so letting you to extend the payments over a longer term at a lower APR.
With an unsecured loan, how much can I borrow?
You can generally take out an unsecured personal loan for up to £15,000 (if you have a good credit record) however, certain unsecured loan companies can offer you up to £25,000 unsecured (if you have an EXCELLENT credit history). Nevertheless, don't forget that you must have the financial means to make the loan repayments. With unsecured loan applications, you can normally get approval in principle over the phone.
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What are the min/max repayment periods for an unsecured loan?
This partly is determined by the unsecured lender. A number of unsecured lenders would give an unsecured loan for as little as one year, however, a 5 to 7 year term is more likely. The maximum unsecured loan length is usually seven years but a number of unsecured lenders will loan over 10 years. Unsecured loans are best for applicants who want to pay back the money borrowed over a few years. If you only want the money for a short period, for example, six months, using your credit card may be cheaper. You might have found this article after looking for any of the misspelt keywords, for example 'ccj insecured loan', 'bad credit loan unsecure' or '10 year unsecure loans'. Nonetheless, the information here should prove helpful.
How does the unsecured interest rate work?
Unsecured loan rates are generally fixed for the length of the unsecured loan agreement, which means you know exactly the amount you will have to repay each month. The drawback is that you could repay more than others who are offered a similar unsecured loan amount in six months' time - then again, you may very well pay less! Either way, you will not have to be anxious about your loan payments escalating. A lot of unsecured lenders will request that you arrange a direct debit for the loan instalments. Typically, the loan interest rate is lower if you borrow a bigger unsecured loan. With unsecured loans, the essential element to look for is the Annual Percentage Rate (APR). It's also advisable to be aware of the amount the unsecured loan will cost you in total.
Will I have to pass a credit score check?
Yes, unsecured lenders need to ensure that borrowers represent a 'good risk' and therefore do not have a record of credit problems and overdue debts. To ensure this, the unsecured loan company will request your credit record from a credit reference agency - Equifax, CallCredit plc or Experian. An impaired credit record will not automatically stop you from obtaining an unsecured personal loan nevertheless, there is a good chance you will get an offer with an increased rate of interest. You might find it more difficult to get approved for an unsecured loan if you are self-employed or if you are newly employed.
What is an unsecured loan payment protection insurance?
This is an insurance you can purchase to pay for (under certain conditions) the unsecured loan monthly repayments should your circumstances mean that you are incapable of doing so - for example, when you have lost your job. Consider carefully whether you genuinely need this. Unsecured loan payment protection insurance (a bundle with the loan) is often costly and if your financial situation is uncertain, is it prudent to be borrowing more money anyway? Should you decide you do want a loan payment protection plan, check out the exclusions and small print which could make it impossible for you to benefit from the cover.
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