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What is a unsecured loan?
An unsecured loan can prove to be an easy and inexpensive avenue of borrowing funds, whether you want to purchase a new vehicle or plan the vacation you'd always wished for. Unsecured loans enable you do this without using your home to guarantee your repayments.
Unsecured loans are designed to bemalleable option of borrowing sums between £1,000 and £25,000 over a time frameof one to five years. This means that you can to choose the amount you borrow, the loan repayment period and subsequently the amount you repay each month. This means if you plan your finances carefully and find the cheapest unsecured loan, they can be used for anything form purchasing a new vehicle or in some cases used to consolidate current financial commitments.
Who is eligible for an unsecured loan?
There are a huge variety of unsecured loan providers, each with varying lending requirements and offering different interest rates. Unlike secured loans, unsecured loans are available to both those that own their own properties and those that do not.
Interest rates charged on your borrowing will be dependent on the amount you wish to borrow, the agreed term of the loan and on your individual circumstances; however in generally the smaller the amount borrowed the higher the interest charged. Applicants with a good credit history are likely to be approved for the best unsecured loans, this is usually the rate advertised by the lender, this is because a good credit history provided a guarantee to lenders that you are more likely to meet repayments.
If this is not the caseunsecured loans can be a high-risk investment for loan companies, with no security in place to collect funds should payments be defaulted on. Unsecured loans for applicants with bad credit do exist, however interest far exceeding those advertised by lenders are commonly applied. If you have a poor credit history, it is easiest to filter search results to those offered by lenders who specialize in poor credit loans.
What are the different types of secured loans?
There are two different types of unsecured loans available; fixed and flexible. Fixed loans are the most popular form of unsecured loans: the loan value and total interest payable is divided evenly over the duration of the loan. This is a realistic option as it enables you to plan how much you can repay each month, and borrow an amount with this in mind. However it is important to remember that with fixed unsecured loansyour monthly repayments remain the same whether interest rates fluctuate nationally.
Using the repayment calculator supplied by most unsecured loan providers will enable you to work out the probable amount you will have to repay each month. However it is important to remember that these are only estimates based on the typical APR offer by each loan provider; the interest charged on your individual loan may be higher dependent on your individual circumstances, with smaller unsecured loans sometimes incurring slightly higher rates.
In addition to interest rates it is best to compare cheap unsecured loansbased on whether they include any repayment breaks during the term of the loan, or whether they impose any charges for early repayment. This is particularly key if you feel you are likely to need either of theses options during the duration of your borrowing.
Flexible loans are not as common and are offered by fewer unsecured loanproviders; they are available in two differing formats. You will either be permitted to specify a maximum borrowing amount but not requiredto remove all the funds at one time, instead only withdrawing and paying interest n the amount you need. These types of loans are particularly good for long term, variable projects such as construction work.
More frequently flexible unsecured loans will lend you a fixed amount upfront then give you the option to repay your borrowing early or make overpayments as you see fit, sometimes without penalty. Although this option usually has higher interest rate associated with its uses.
Is there any additional information about unsecured loans?
Payment protection insurance is offered by several unsecured loanlenders with their loans; designed to cover the loan repayments on your behalf if you are unable to due to sickness or unemployment. Although these plans come at an additional cost and have been miss-sold in the past they are still an option to consider, especially if you have low job security of suffer regularly with illness.
What are the cheapest unsecured loans available?
Monthly repayments, additional features and extra charges should all be used as a comparison to find the most suitableunsecured loan for your individual circumstances. Prioritizing your needs is also essential, although cheap interest rates are always desirable, repayment breaks or other features offered by different loan providers may be of a higher importance.
If all these factors are taken into account, you should be able to borrow the sum you need and pay it back over a time frame of your selection, in repayments that are compatible with your lifestyle even if you have a history of bad credit; in essence find the perfect unsecured loan for you.
Please Note: www.whichwaytopay.ca is not authorised to give advice under provincial and federal regulations.
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