Hot Topics

What is a Tenant Loan?
If you do not own your own property, you will not be able borrow money secured on your home. This means that any loan you take out will be a tenant loan – or an unsecured loan.
How quickly can I get the money?
How quickly you get your loan depends on who you buy it from.
How long can I take the loan over?
How long you take the loan over depends on how much you need and how much you can afford to repay on a monthly basis.
What do you accept as income?
When you apply for a loan you will have to state your regular income.
What is not covered by personal loan protection insurance?
There are a number of situations that are normally exempt from personal loan protection.

What does it mean if my payment protection insurance includes cash back?

Some lenders offer a cash back scheme on payment protection insurance – by refunding all or part of the insurance premium after a certain time has elapsed.

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Lenders can afford to make the offer because most people will either forget to make a claim or will not qualify during the term of the loan, so they can afford to offer this reward to ‘good’ customers. There are a number of things you’ll need to look out for with the cash back promise – for a start, read the small print as there are always terms and conditions and exclusions.

Here are some helpful tips when it comes to cash back on payment protection insurance:

  • Your loan agreement will need to run for a minimum period before you can claim back the premium e.g. 10 years.
  • The cash back offer only normally applies to loans over a minimum amount e.g. £10,000.
  • Your agreement may still have to be running at the time of the cash back claim i.e. if you settle the loan earlier you will not qualify.

If your account has been in arrears or have had arrears of more than one month, you may not be eligible for cash back.

If you have made a claim under the insurance policy you will not qualify for the cash back return.

 

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.