Protection specialist to lend £50m with free income protection
In response to calls for those within the financial services sector to take a more ethical approach to loans, protection specialist Simon Burgess is planning to release £50m of his own funds to provide loans with free income protection.
The money will be made available online via British Loans Limited - a wholly-owned subsidiary of his existing income protection firm, British Money Limited. Borrowers will be offered a competitive APR and the cost of the additional Defaqto-rated five star cover will be absorbed by Burgess out of his profit margins.
He comments:
“I’m currently sorting out the access to funding issues and developing the website, but when complete, this will be a huge leap forward in addressing calls for greater financial inclusion in an ethical manner, whilst giving borrowers peace of mind their loan is automatically covered. I urge other lenders to follow suit.”
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