get a loan accepted

ejna1976

When applying to a loan, what is likelywood to be accepted, chosing the protection cover or not? what king of influence does it make? as am only working on this job for 11 months.

Thanks in advance...

robert_harper_2000

I have friends who apply with insurance to get the loan then cancel the insurance once it's been accepted.

enjoyincubus

The payment protection will have no bearing whatsoever on whether or not your loan application is accepted.

When a credit underwriter reviews your application they cannot take into consideration the fact you have taken out payment protection. They can only review the risk of the application based on the factors provided and are told to disregard any payment cover.

If you think about it you are hoping you are more likely to be accepted as with the payment cover the bank are more likely to get their money back should you fall into financial difficulties. However, this would be considered as irresponsible lending on the part of the bank.

Just as a note to my post, I am basing my comments on my experience within a major high street bank. Whether the payment protection factor may sway a less scrupulous lender I do not know...