Part 2 The Cost of Loans
- Secured Homeowner Loans to Reiterate that a Home Provides More than a Roof Over Your Head
- Use the equity in your home to provide financial assistance
- Self employed loans. When being self employed is the impediment
- If you are selfemployed and want a loan, this article is a useful read.
- Self employed loans. When being self employed is the impediment
- If you are selfemployed and want a loan, this article is a useful read.
- Remodel your Home. Take a Home Improvement Loan
- A good introduction if you want a loan for home improvements
- Debt Consolidation Loan helps you to manage your Debt
- Debt consolidation is designed to reduce your monthly outgoings. This article introduces some of the options.
Take a look at the following. The figures show
the true costs quoted by (cheap life insurance) each of the lenders for PPI to protect a 3-year loan of £3,000 *
Smile Loan £566.53
Ryanair Personal Loan £486.72
Virgin Personal Loan £486.72
Moneyback bank Personal Loan £417.96
Nationwide Personal Loan £325.44
Northern Rock Personal Loan £228.24
· We've calculated these costs by subtracting the full cost quoted for the loan without PPI from the full cost quoted for the same loan but with PPI. Figures provided by Moneysupermarket.
The first point you'll notice is that the most expensive ( remortgages ) on this list is almost 150% more expensive than the cheapest - not a lot to Smile about! So is the PPI quoted by Northern Rock, a bargain? We decide to check it out.
We got an independent PPI quote from British Insurance ( bad credit loans ) Ltd for a sum to cover the typical monthly loan repayment of £92 per month. The monthly cost they quoted was just £3.63 per month - equivalent to £130.38 over the full 3-year term of the loan we're comparing. This was a full £97.86 cheaper than Northern Rock.
So even Northern Rock, the cheapest of the 6 we investigated, was ripping us off!
The moral of this story - always buy your Payment Protection Insurance independently and never from your loan provider! And how can you find a really cheap PPI quote from British Insurance? By clicking here of course!
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.
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