Personal Loan Choices - page 2
Picking the correct loan and loan options is key.
Many loan providers will offer you loan payment protection insurance, otherwise referred to as PPI. This covers your loan if you're unable to make the repayment due to unemployment, illness or injury. Whilst this sounds good in principle, it's not suitable for everyone. If you're not actually employed, then you couldn't claim and there have been cases where these people have been wrongly sold this protection.
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PPI is also expensive and you should think carefully before deciding to go for it - compare several different providers and read the small print and particularly any exclusions.. Some lenders actually add the cost of PPI to the loan agreement, which means you pay interest on the loan plus the protection. In theory this shouldn't happen and you should look carefully at any agreement and make sure its not been sneaked in. PPI is an option and not an obligation. If you do decide you'd be interested in PPI, then it is available as a stand-alone product and you'll probably find it at a far better rate than your lender can offer.
Some of the best personal loans can be found by getting on line. An on-line independent broker will give you all the help you need both on personal loans and PPI - they'll know exactly which providers will be able to help you and they'll search a wide market for your best deal.
