Loan Protection
Optional Personal Loan Payment Protection - designed to increase your peace of mind
Whatever you take a loan out for, be it consolidating a few debts, a holiday or a new car, the last thing you want to be worrying about is how you’re going to pay it back if your circumstances change.
That's why Personal Loan Protection makes perfect sense. It's simply a way of making sure you don't get into financial difficulties if you cannot work through accident, sickness or unemployment. In these situations, we think that it is more important for you to concentrate on finding a new job or recuperating, rather than worrying about making payments. And Personal Loan Protection also means that you won't have to use up precious savings to meet your payments
We know how much our customers have benefited from Personal Loan Protection - here are just some of their comments:
Mr Michaels, London
"I would like to take this opportunity to say a big thank-you for helping to make my life a little more manageable over the last 3 months. I don't know what I would have done without your help."
Mrs Newton, Newcastle Upon Tyne
“Whilst dealing with this claim, your staff have been extremely helpful and sympathetic to a very difficult situation I found myself in. After 19 years in regular employment I never expected to get made redundant – thank-you for all your help over the last 10 months.”
You can be sure that our Personal Loan Protection is competitively priced and is amongst the most comprehensive cover available. For instance, our accident and sickness cover could make repayments on your behalf for up to 5 years.
If your loan is for a car or motorcycle you should also consider that our cover includes Guaranteed Asset Protection (GAP) to ensure you aren't out of pocket if your vehicle is written off. Find out more about GAP.
We're here to make your life easier and we'll even provide full cover if you are self-employed.
Your policy at a glance
- Cover will take care of your loan repayments for up to 5 years if you stop earning through accident or sickness and up to 18 months if you’re unemployed
- Loan repayments will start after just 14 days of continuous accident, sickness or unemployment
- If you die, your loan will be paid off in full
- Cover is available to anyone between 18 and 65 who works 16 hours a week whether an employee, contractor or self-employed
- If your loan is for a motor vehicle and it's written off by your insurance company GAP will cover any shortfall between your insurance company payout and your outstanding loan (up to £5,000). You must have comprehensive motor insurance
- Cover includes Jobcare - an employment advice service
Like all insurance policies there are some exclusions. Mainly these are things
that you already know about prior to taking out the insurance, such as pre-existing
medical conditions, impending unemployment or anything self-inflicted. If you
are taking out a loan in joint names, personal loan protection covers the first
named person on the agreement.
For full details of the main features and exclusions we strongly recommend you
read the following documents:
- Policy Summary (pdf**)
- Guide to Payment Protection Insurance (pdf**)
Due to the sensitive nature of Personal Loan Protection, the names of the customers' featured here have been changed.
**To read a PDf document you will need Adobe Acrobat Reader 4.0 of above. To download, please visit the Adobe website
7.2% APR typical is our rate for online Moneyback Bank loan applications for new and existing customers for loans between £7,500 - £15,000. We will review your past credit history and other personal details and the actual rate we offer may be higher depending on our assessment of your personal circumstances and financial behaviour.
