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payment protection insurence

david.l_4
david.l_4 Posts: 92 Forumite
in Loans
Will taking out payment protection insurence increase my chances of getting a loan?

Comments

  • Wutang_2
    Wutang_2 Posts: 2,513 Forumite
    david.l wrote: »
    Will taking out payment protection insurence increase my chances of getting a loan?

    No it won't
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No it shouldn't.....

    However, as banks make as much money out of payment protection as they do the loan itself, they like selling the insurance! So at the margins some would be more likely to accept you or offer you a decent APR. The trick is then to cancel the insurance (but not the loan or APR) within the 14 day cooling off period.

    Ultimately though, if your credit is less than perfect, and your borrowing is more than about 25% of your income, it won't make much difference.

    R.
    Smile :), it makes people wonder what you have been up to.
  • di3004
    di3004 Posts: 42,579 Forumite
    david.l wrote: »
    Will taking out payment protection insurence increase my chances of getting a loan?

    Hi there

    May I ask if you were told this?
    Cheers.
    The one and only "Dizzy Di" :D
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