Unsecured Loans FAQs
We have listed some of the most frequently asked questions regarding the main issues surrounding the subject of Unsecured Loans.
If the question you want answered does not appear please do not hesitate to contact us and we will answer it for you.
Q. What is an Unsecured Loan?
A. An unsecured loan is a loan that requires no security.
Q. Can I get an Unsecured Loan with a Bad Credit History?
A. A poor credit history will make getting an unsecured loan more difficult. Lenders base their offer of a loan on each client’s credit rating and their ability to repay the loan.
Q. What are your typical interest Rates?
A. Interest rates vary between clients and are based on each client’s credit history and their ability to repay their loan.
Q. How much can I borrow?
A. Unsecured loans are generally offered from as little as £500 to £15,000 =
Q. What is the term of the Loan?
A. Typically, the term of an unsecured loan can vary between one year and seven years.
Q. What can the money be used for?
A. An unsecured loan does not normally have any restrictions placed on it. They are often used to clear or consolidate debt.
Q. Can I pay off the loan early?
A. Yes, paying off an unsecured loan early is permitted but you should be aware that early repayment could sometimes incur penalty payments.
Q. Do I have to be working?
A. No, it is not essential that you are working but you will be required to prove a regular and sufficient form of income e.g. Regular benefits or a pension.
Q. What is Credit Scoring?
A .Credit Scoring is the mechanism that lenders use to decide whether they are prepared to offer a loan. You credit score can be found at one of the credit reference agencies for a small fee.
Q. I am Self employed can I still get a loan?
A. Yes, if you are self employed you can still get an unsecured loan. You will however be asked to provide proof of income.
Q. Can I get a loan if I am a Tenant?
A. Yes, unsecured loans are available to anyone even if they do not own a property.