About the APR

Payment protection insurance (PPI)

This optional insurance policies are increasingly being included in the loan without your previous approval. As a result, premiums are added to your payments, and you accrue a much higher interest than expected! The PPI provides insurance by meeting your repayments for a specific period if you are unable to work because of accident, illness or unemployment, and settles the payment if you die. Although it provides peace of mind, you can end up paying between five to 25 per cent more than the initial cost of the loan.