June 11, 2018, London - Creating a historical moment, Loan Palace today announced the initiation of insurance of monthly instalment in the loan for unemployed. This is a new feature that is now going to accompany all the financial products designed for the jobless fund seekers. This new feature will be known as the Payment Protection Insurance (PPI) and it will cover monthly instalments of the borrower, in case he fails to make his repayments. Best part is, there are no extra charges for this facility. The concern of the borrowers is the key focus to decide the tenure of the insurance policy. The waiting period will be 60 to 90 days. During this time, the borrowers will make repayments on their own and after that, they can start availing the benefits of PPI.

Missed repayments are the major issue for the jobless people. Due to the scarcity of money and numberless financial obligations, they fail to pay monthly instalments. This cause them slip into bad credit situations and some may even face worst credit scores. This landmark step taken by the company has removed all the fears of jobless people for missed repayments. This feature has also been extended to the borrowers of the loans for the unemployed on benefits.

Conall Garrick, the CEO at Loan Palace says – ‘From a long time we were on designing some effective solution to protect the unemployed borrowers from the stress of missed repayments. With Payment Protection Insurance, Loan Palace wants to support the financial goals of those who are struggling on the double front of joblessness and cash crisis. We want them stay stress-free and enjoy the financial liberty even when they have no jobs. To facilitate flexible funding we are already providing obligation-free assistance through the loans without guarantor. Now after the introduction of PPI, borrowing has become more fruitful and workable for the people with no regular income.’

About Loan Palace

Loan Palace is a renowned FinTech player with a vastness of specialised short-term and long-term loans. The company runs on the motto of ‘funding for all’ and to materialise this motto facilitates flexible funding. Loans are given without any compulsion of obligations and no constraint on credit scores and employment status. The deals that are offered are subject to customisation and the applicant can always expect the deal in his favour. Special concern while offering a loan deal in given to the repayment capacity of the applicant, as serving unaffordable deals is not in the culture of Loan Palace.