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A Guide to Unsecured Personal Loans

Unsecured personal loans are offered by lending institutions such as banks and building societies and are so called because the lender requires no security for the debt. They are not available for speculative purposes or business purposes. Depending on the individual lender some other purposes may also be excluded, for example the purchase of timeshare property. Below is a quick and easy guide to UK personal loans.

Choosing the right loan

Personal loans are available for a range of different amounts and repayment terms. Depending on the amount and purpose of the loan, you will be able to choose from a range of repayment periods. Larger loans such as those over Ł10,000 can usually be taken over longer terms i.e. 7 to 10 years. The minimum loan amount is typically Ł1,000 although some lenders do offer Ł500 and upwards.

The amount borrowed is subject to an interest charge, and the interest rate applied is known as the Annual Percentage Rate (APR). Generally, it is advisable to compare the APRs of different products as a means of determining how competitive they really are. It is not unusual for lenders to offer different APRs depending on the method of application e.g. applications by telephone may receive a higher APR than those done online, so it’s well worth shopping around for the best deal.

If you are looking for a low cost loan, comparing the APR is a good place to start. Lenders do quote interest rates in different ways, and it's worth familiarising yourself with these before you start:

A fixed interest rate will stay the same throughout the term of the loan, regardless of any changes in the bank base rate. This means your monthly repayments should always stay the same, allowing you to budget accurately.
A variable interest rate may rise and fall in line with any changes to the bank base rate. This could result in your monthly repayments changing during the term.

Although lowest APR is one factor that contributes to a ‘cheap’ loan, you should always pay attention to the small print as any additional costs will be found there. Some lenders do apply an early settlement charge (also known as a redemption penalty) if the debt is repaid in full before the agreed end date. This can be up to 2 months interest so it pays to check this out before you commit. If you think you'll clear the debt before the end of the term then your best bet will probably be a loan with no early settlement costs, even if the APR is slightly higher. Whatever you decide, you’ll need to do your sums before you sign on the dotted line.

Personal loans are repayable on a monthly basis. If there is a degree of flexibility then the lender may permit over-payments and lump-sum payments, both of which allow you to clear the debt over a shorter time period than first agreed. If your loan is a truly flexible product then you may also be able to withdraw funds from the account on a rolling basis, providing you stay within your credit limit. Lenders also offer repayment holidays or payment breaks, allowing you to take a break from your monthly repayments either at the start of the loan (known as 'deferred repayment') or at an agreed point during the term. Interest will continue to accrue on the outstanding balance and this may result in increased monthly payments so your debt is still repaid over the term agreed at the outset.

How do I apply?

This site provides you with the facility to apply online for your personal loan. You'll notice that many of the most competitive products in the market place today (including those on our Best Buy tables) are available to you through our online application process. Providing the product has an apply icon you can submit your application via this website. This will ultimately save you time as it means you won't need to contact the personal loan companies direct. We also hold details of loans designed specifically for applicants with a poor credit history or those who have difficult personal circumstances - whatever your circumstances we can help you to find the right product.

What happens next?

Your application will be processed quickly and a decision communicated to you within a few days. Lenders use credit reference agencies to obtain information about you as they provide a detailed analysis of your financial position, in particular whether you have any bad credit such as County Court Judgements, defaults or arrears, details of any existing credit agreements or searches made by finance companies plus information relating to the electoral roll. If you are refused a personal loan or wish to make enquiries concerning your own credit file you can apply to the credit reference agencies for a copy of your record.

How to Get Your Free Credit Report
There are various ways for you to get your very own credit report, free of charge! Literally, the credit industry is laden with credit monitoring services that are more than willing to give you your very own free credit report. All you have to do is find most reliable of the companies offering free credit reports, and you are good to go!
For the most part, these credit monitoring services offer packaged services – and you will surely find some of them offering these services at certain fees and charges. Thus, the wise thing to do is to conduct a comparison of these companies so that you are sure to go with the most reliable one.

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