Moneyfacts: 'Better deals than cashback' to be found

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www.moneynews.co.uk > Loans > Moneyfacts: 'Better deals than cashback' to be found

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Moneyfacts: 'Better deals than cashback' to be found

Following the recent Nationwide LoanCare offer launch, Moneyfacts, an independent provider of personal financial information, has declared that there are better loan deals available than cashback offers.

Under the terms of the offer, customers taking out Nationwide LoanCare alongside their personal loan will receive 20 per cent cashback on their insurance premium should they meet certain criteria.

Along with Nationwide, Moneyback Bank is the only other loan provider to propose a cashback offer. The bank's cashback scheme differs from Nationwide in that it offers customers a fixed yearly payment that is dependent on the size of the loan.

Speaking about cashback schemes in general, personal finance analyst at Moneyfacts Michelle Slade stated: "While the prospect of a cash payment from your loan provider may sound attractive, over the term of the loan, better deals can be found."

Ms Slade added: "While these deals are reasonably competitive, don’t be taken in by the cash back offer, as better deals are available which will save you money in the longer term."

The Nationwide LoanCare offer is for a limited period only and ends on November 30th. Payment protection insurance such as Nationwide's product provides cover against accident, sickness, unemployment and death.

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