8th May 2013
GETTING A BAD DEAL AT THE BANK? UK BUSINESS & IRISH MORTGAGE PROTECTION CUSTOMERS
A recent report form the UK indicates that many UK SME's are turning away from banks when thinking about arranging finance and loans. Instead they are turning to peer-to-peer lending services as an alternative as the Bank of England released figures showing a decline of £5 billion in lending int he last quarter. Nesta who produced the report estimate that peer-to-peer lending has the potential to facilitate up to £12 billion in financing per annum.
Bad Terms and High Costs
Interestingly business owners cite frustrations with slow loan applications at banks as their main reason for joining peer-to-peer lending, over an inability to access credit. Coupled with restrictive policies and other issues the banks aren't the best deal for finance for theses businesses anymore with over 77% surveyed saying they would return to Funding Circle or similar services as a first port of call for future finance.
Mortgage Protection Insurance in Ireland
Here in Ireland we see similar frustrations with the Banks from their customers. In the Life Insurance market people have traditionally assumed that "buying it all in one place" might give them some savings on Life policies bought at their local bank. The trust once placed in the banking system has been shown to be at times misplaced.
Time and again we find customers coming to us at Low.ie or to our colleagues at similar services to check how good a deal they really got when they were sold their insurance along with their mortgage or other product. They are discovering that often it wasn't really that good a deal at all.
Here at Low.ie we make it our business to give you the best deal possible on your Life Insurance or Mortgage Protection Insurance policy. We do this by reducing the amount of commission we take and using the difference to reduce your premium.
If you want to see what you might save on a like for like policy on your Mortgage Protection Insurance, why not get a quote today?