guarantees financial stability in unforeseen circumstances;
increases the likelihood of approval of a loan application. The less risk the bank takes in a situation with a specific borrower, the more willingly it approves the loan;
increases the maximum loan amount. With insurance, you can get more on average than without it;
reduces the interest rate. One of the most important factors that determine the rate is banking risks. The lower they are, the more favorable conditions the lender can offer.
The main disadvantage of financial protection is the increase in costs. If the insured event never occurs, then the policy was purchased in vain. But at the same time, the interest rate on the loan decreases, so it is find your mobile number database difficult to estimate the real overpayments for the policy.
Why Get Personal Insurance for a Loan
When applying for a consumer loan, it is worth assessing how much you really need to insure yourself against financial risks. It is recommended to connect it in the following situations:
You cannot pay for expensive treatment yourself. If you have no savings and your employer does not pay for employees' medical services, you should consider financial protection of life and health.
The economic situation is unstable, the labor market is in crisis. In such a situation, it is good to take out protection against job loss or a comprehensive policy that includes risks to life and health.
You have a bad credit history. If you have often defaulted on payments in the past, banks are likely to refuse. The same applies to borrowers with a high debt load. If all loans take up about 40-45% of your income, it is extremely difficult to get approval for a new loan. Financial protection reduces banking risks, and therefore the chances of approval increase. But you should keep in mind that the lender cannot issue a loan if the debt load exceeds 50% - this is a legal requirement.
You are taking out a large loan. Even if your credit history is good, it will be difficult to get more than 1 million ₽ without collateral. But with financial protection, the likelihood of approval increases.