Protect your Loan with PPI

Protect your Loan with PPI

Solving your financial predicament is not as difficult as it used to be. Today, many companies, banks and financial institutions will actually provide cash loan for individuals who need it urgently. Depending on the lenders, some might not even require the borrower to go through rigorous credit assessment. There are many reasons why an individual might want to apply for quick cash loans. He or she may need to pay rent, unexpected car repair bills or even medical emergency. are generally unsecured and they are usually approved within 24 hours. Borrowers are expected to repay the loan in two week’s time. However, since lenders do not require any credit cards or security deposit, they are taking a high risk. Thus, interest rates that come with cash loans are usually higher to compensate the lenders for the risk taken.

Nowadays, there is no need for an individual to show up in front of the bank to get cash loans. Many financial institutions are taking their business online and borrowers can compare the fees and interest rate charged by these companies. Normally, a person can borrow up to $2500 and the cash loan is deposited straight into the borrower’s checking account.

Cash loans help people at the time when they need money most. By repaying the debt on time, an individual can apply for more loans in the future

Payment protection insurance

Payment protection insurance – or PPI – was designed to protect consumers. The intent of PPI policies was to protect consumers from financial ruin in the face of unforeseen difficulties. This protection is available through financial institutions and lenders on mortgages, auto and personal loans and some credit cards.

When PPI works as it should, it can be of great benefit to consumers. If you take out a policy alongside a loan and find yourself unable to make your monthly loan payments due to illness, accident, or loss of job, you can file a PPI claim. Filing this claim sets in motion a process by which the PPI policy will take over those monthly payments until the consumer is able to resume responsibility for the loan payments.

However, it is important to know that there have been many instances of financial institutions and lenders mis-selling PPI policies to consumers. Some lenders have added PPI to a loan without the consumer’s knowledge. Others tried to coerce consumers into purchasing a policy as a condition of loan approval.

If you are applying for a loan and considering purchasing PPI, be aware of potential pitfalls. The next should be to take action to recoup your premiums. This can be initiated by filing a PPI claim against your lender.