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In what circumstances should I consider taking out a personal loan?
You can get a personal loan for any reason you want.
What is a Holiday Loan?
A holiday loan is a loan designed to give you the means to pay for a holiday. This is commonly used for ‘holidays of a lifetime' like honeymoons, anniversaries and holidays to exotic locations.
What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
What is an unsecured loan?
An unsecured loan is a loan where no asset is pledged as security for the loan. (The most frequently used security is the family home.)
What happens if I am suddenly injured or taken ill?
To protect your loan repayments in case you are unable to work due to accident or illness, you will have to take out either personal loan or short-term income protection insurance.

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.