Your credit history will play a major role in proceedings when a lender considers your loan application for unsecured loans. Even with this in mind, you have considerable options available to you. Unsecured loans products here in the UK include payday loans, logbook loans and unsecured or personal loans. In the case of a payday loan you’ll borrow an agreed amount that does not exceed £1000 and pay it back in full on your next payday. For an additional fee some lenders will allow you to extend the repayment period to several months. A logbook loan enables you to borrow against the trade value of your car - up to £50,000 in fact. The car will need to be registered in your name and have no outstanding finance on it. The loan is secured on your vehicle and you’ll have a maximum of 12 months to pay the loan back. With a maximum of £24,000 available repayable over terms as long as five to seven years, an unsecured or personal loan probably offers you the greatest flexibility irrespective of your credit history. An unsecured loan is also a regulated financial product so you’ll be afforded protection by the Consumer Credit Act 1974 and will be able to take out insurance to protect your repayments should you be made redundant or suffer an illness that means you can’t make your monthly repayment. The cost of these three ways of borrowing will vary significantly and this should be considered carefully before committing yourself to accepting the loan. When looking at the cost of lending, a payday loan can reflect an APR of over 1300% - however because you only borrow over one month the fees are usually quite simple to understand. With a logbook loan, your vehicle is at risk should you not maintain your repayments. You can expect to pay an APR much higher than that of an unsecured loan. With a personal/unsecured loan, you will be credit checked and the amount you can borrow will depend on your personal situation and credit history. Interest rates will vary depending on the lender and your credit history.
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