Hot Topics

What is a Career change Loan?: If you are planning a change of career then it is likely you will experience either a big drop in or a total loss of regular earnings – and this is why people choose to take out career change loans.
Will the loan company contact my employer?: Firstly, a loan company will never contact your employer without your consent.
What if I die before my loan is paid off?: If you die before your loan has been fully repaid, the loan will still need to be repaid by your estate. This may mean that your family will have to cover the cost of the loan for you.
Can I cancel my loan application if I decide not to go ahead for any reason?: If you decide you want to cancel your loan application once you have made it, you can do so within a certain period of time set by the loan company.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?: You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

Should I get Personal Loan Payment Protection Insurance?

When you apply for a loan, you will be asked at the initial stages if you want personal loan insurance to be included in the agreement.

This will increase your payments by a noticeable amount, however it does mean that if you are unable to meet the monthly repayments, you may be covered by your insurance scheme, thus giving you and your family peace of mind that your payments will still be met.

A Loan insurance policy covers your personal loan if you are unable to work because of illness, accident or disability, or you become involuntarily unemployed. Different loan insurance providers offer different types of cover, so you can choose just accident and sickness, or just unemployment cover, for example. The policy covers your usual monthly repayments that you make to your lender, however most loan insurance polices stop paying out after a set period, normally 12 months. However that depends on the policy, others carry on paying until the loan is paid off and not just for a limited period.

It is very important that you read the loan insurance policy document carefully to make sure you understand exactly what you’re covered for, and more importantly what’s not covered. When you buy the insurance policy they should explain the important cover details and draw your attention to any important or unusual points, however, you cannot depend on this.

When your loan insurance policy starts, you won’t normally be able to claim straight away – you may have to wait a few weeks or a month or two depending on the policy terms and conditions.

The alternative to personal loan insurance is Short-term Income Protection Insurance – this protects you in the advent of sickness, accident, death or unemployment. Many people use this type of insurance to cover rent, loan repayments and household bills. You may be able get a cheaper deal by seeking out your own income protection policy rather than accepting the terms of the insurance offered by your loan provider.

For Short Term Income Protection

Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.

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