Summary

A personal loan could cost you more than you expect, so check out the facts first. This article highlights some of the pitfalls.

Personal Loans - think before you sign. Part 2

Author: Anna Richardson

If your situation makes you applicable for PPI then take

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Life Insurance News

care with whom you buy it from. The following figures are based on a £3,000* loan taken over three years, amazing what the differences are!

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

*These figures were calculated by using the cost of the loan with PPI, and the cost of the loan without PPI, and finding the difference. The figures originate from Moneysupermarket. As of Jan 2006, the figures quoted in this article are correct.

Unbelievably, the most expensive on the above list is almost 150% more expensive than the ( life insurance policies ) cheapest - and they're all big name, mainstream lenders that you would trust to give you a good deal.

You could be forgiven for thinking that the Northern Rock quote, the cheapest on this list, must be the best deal available. We decided to check, just to be sure.

We compared the quote to British Insurance Ltd, a company that has been highly ( mortgages ) recommended in the financial newspapers of late. We asked them to provide a PPI quote assuming a monthly loan repayment of £92 (the typical monthly loan repayment quoted by the loan companies above on a £3,000 loan over three years).

Their quote came out at just £3.63 per month. That's £130.38 over ( medical insurance ) three years, £97.86 less than what Northern Rock quoted. So Northern Rock is also exposed as yet another rip off!

The advice is: buy your PPI independently, not from your loan provider. Search ( cheap mortgages ) on the term 'Payment Protection Insurance' on the Internet and you'll have a cheaper quote and full cover in moments - but be sure to read the exclusions first and check that you are eligible for cover.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.
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