Why Take Out A Personal Payday Loan Borrower Insurance?

Why Take Out A Personal Payday Loan Borrower Insurance?

The borrower insurance is not necessarily obligatory, and yet, it has more and more followers. According to the 2017 report of the French Federation of Insurance, the consumer credit insurance premiums are 20% of the contributions for the credit insurance for 2017, all types of credit combined , against 74% for the contributions assigned to mortgages. And the personal payday loan is part of the consumer credit.

 

Loan insurance backed by personal payday loan

Loan insurance backed by personal loan

Here is an example of optional borrower insurance. It is necessary, however, because it guarantees the repayment of the personal payday loan in case of financial difficulty caused by force majeure events such as death, disability, unemployment or other. If you are interested, take care to compare personal credit insurance before choosing. The personal payday loan insurance comparator is available online. Its principle is almost the same as our online personal payday loan comparator . You should know that you do not have to subscribe to your lender. The delegation of insurance can very well be done. It can be interesting from the financial point of view. The icing on the cake, the borrower insurance contract is now renegotiable every year. The relevant authorization has been the subject of a legal text put into effect since the very beginning of 2018.

 

The evolution of the global amount of the contributions for the credit insurance of 2013 to 2017

The evolution of the global amount of the contributions for the credit insurance of 2013 to 2017

Still according to the report of the French Federation of Insurance, the contributions of all those who subscribed to a credit insurance in 2017 on the French territory reached 9.1 billion euros in total. There was an overall increase of 3.7% over 2016. Note that 2016 had recorded a 1.3% increase over the year before … In short, this continuous increase in the total amount of contributions for the credit insurance has been noticed since the year 2013 for which the sum of contributions was 8.3 billion euros. This explains the increase in the number of followers of the borrower insurance, financial security requires.

To conclude, personal payday loan borrower insurance (or personal payday loan insurance anyway) will protect you in case of financial problems. Subscribing is highly recommended if the amount of your credit is high (note that it must not exceed 75,000 euros). For example, you can subscribe to personal payday loan insurance if you have an important project such as buying the car of your dreams.

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