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Unsecured Loans Explained

Unsecured loans are an easy way of borrowing money, whether you looking to buy a car, home improvements or even a family holiday unsecured loans can be used for pretty much any purpose. You can normally borrow anything between £1000 to £25,000 and can usually be paid off over a peroid of 1 and 7 years. They can be done to suit your needs and your budget, for example you can pay off over a longer period to lower the monthly repayments or shorten the period to lower the interest you have to back.

There are many unsecured loan providers on the market, each one claiming to give you a lower rate then the rest. The rate rate charged on your unsecured loan will depend on how much you wish to borrow, and what peroid you wish to pay it back over. normally the larger amount you wish to borrow the lower the interest rate. You are also more likely to get the best top rate if you have a good credit rating, this is because an provider has nothing to secure the loan against if you are unable to make repayments. If you have a very bad credit rating you will possibly be refused an unsecured loan and find that the only way to borrow is to take out a secured loan.

There are two types of unsecured loans, the most common type being fixed personal loans as the repayments are divided evenly over the loan period with a fixed amount to be repaid each month. This is the easiest method as you can plan ahead and knowing exactly how much you can afford and how much you will be paying back each month. The interest rate is also fixed over the repayment period so no matter whether interest rate goes up or down you will always be repaying the same amount each month.

Flexible loans are less common and are not offered by all loan providers. These loans allow you to specify a maximum amount to be borrowed but you are not required to take it all at once, instead they allow you to withdraw the amount that you need then pay interest on top of that amount. Flexible loans are more for the likes of building work where you may be completing a long term project. These loans allow flexiblity where you have a minimum payment to be repaid but allow you to make larger payments without any charges.

Most if not all unsecured loan providers offer optional payment protection insurance with their loans as this type of insurance is designed to meet the loan repayments on your behalf if you are unable to due to sickness or unemployment. This comes at an additional cost but can be worthwhile if only to provide you with peace of mind, especially when borrowing larger amounts.

By comparing the monthly repayments, additional features and charges offered by different unsecured loan providers you should be able to borrow the amount you require and repay it over a period of your choice in repayments that fit with your lifestyle.