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Should I take a loan protection insurance?

Yes if you want additional financing backup in such cases that you cannot repay the monthly dues for the loan; and no, if you think you can pay off the loan in time without default or delays.

Loan protection insurance is popular in other countries since they have a centralized credit scoring system that scores people’s creditworthiness. However, since Philippines has no such thing banks and private lenders ask for other loan guarantees in case the borrower defaults. This is in the form of collateral such as properties or a person-guarantor who will pay the loan in the borrower’s behalf.

Want to know if you’re qualified for a loan? Talk to our Loansolutions Adviser.