Carpe Noctem 20

Installment Loans For Bad Credit Direct Lender

When it is mandatory and when it is convenient to insure your loan

When it is mandatory and when it is convenient to insure your loan

When it is mandatory and when it is convenient to insure your loan

When assuming the commitment of a personal loan, it is always necessary to provide the bank or the financial company with an economic and income guarantee for repayment, generally in proportion to the amount granted. In some cases it may also be necessary or advisable to stipulate a special policy on the loan that protects you from the risks deriving from a possible insolvency. Let’s make the point.

Within the financing offers it is not uncommon to find a tailored insurance proposal. The InDirect loan offer can be combined, for example, with an insurance policy suitable for employees, which provides for the repayment of the debt in the event of the death of the customer, total permanent disability or loss of work. The formula also applies to self-employed workers, in this case contemplating not the loss of work but the ability to perform it due to severe disability and illness. The goal is always to cover the remaining debt or to temporarily meet the monthly payment.

It must be said that the insurance on the loan is compulsory by law only in the event of the assignment of the fifth and in this case a risk employment policy for the transfer of the fifth of the salary and a life insurance policy for the transfer of the fifth of the pension will be required. For all other types of personal loans, the insurance may or may not be underwritten, at the discretion of the client, unless the bank or financial company does not consider its economic situation to be insufficiently solid and convincing and decides to place the insurance subscription as a necessary condition to accept the request. This could happen especially for large and long-term loans, more subject to variables and to any sudden changes in the applicant’s economic situation. In these cases it is then up to the client to decide whether to try to obtain the loan elsewhere without insurance coverage or decide to subscribe it and offer the bank this additional guarantee.

An insurance risk, employment or death case is in any case a strongly recommended option if the loan involves the economies of the family for a long time and you do not want to risk it, or if the owner of the loan is also the only one responsible for the revenue of the family unit. However, the customer is not obliged to sign the policy proposed by the financial company, but can personally choose an alternative solution and submit it for approval. Each bank will in turn propose the solutions it deems most appropriate, specifying the costs within the APR.

Loan estimate of 5000 euros

Loan estimate of 5000 euros

 

Financial: Simple Loan
Product: Personal Loan
TAN Fixed: 4.25%
APR: 4.44%
Loan duration: 60 months
Amount Financed: € 5,000
Total due: € 5,558

Monthly installment € 92, 64 Feasibility check 

Financial: Ultranix
Product: Personal Loan
TAN Fixed: 4.91%
APR: 6.56%
Loan duration: 60 months
Amount Financed: € 5.146
Total due: € 5.848

Monthly installment € 95, 07 Feasibility check 

Financial: Bankil
Product: Personal Loan
TAN Fixed: 6.25%
APR: 6.64%
Loan duration: 60 months
Amount Financed: € 5,000
Total due: € 5.859

 

Susan Bulloch

Back to top