What are loan product features and are they worth having?

Question

I went in to my bank for a loan, and the sales-person tried to sell me 'benefits' of their loan over other banks (I'd seen Northern Rock seem to be the cheapest) I always thought that cheapest was best, but does anyone know of what sort of features I might find useful, and is it worth paying extra? (I think my quote was 8.3% which seems substantially more than Northern Rock.) Thanks for your help!

Answer 1

I assume you are just out of school ?

OK - no matter what the left-wing socialists known as 'Teachers' may have told you, UK is not a communist state and you are now expected to work for a living.

Many people have low paid jobs - but some have the opportunity to make extra money known as 'Commission'.

To get the 'Commission' money they have to sell additional 'products' like Extended Warranties, Payment Protection Insurance. Travel Insurance etc. etc. to the mugs (sorry, I mean customers)

You, the mug (customer), will get charged lots of extra money for these (often worthless) 'products' BUT the salesperson REALLY needs the 'commission' money = so they will tell you all sorts of lies in order to get you to buy. You may end up feeling you have been conned, but it's totally up to you not to fall for it in the first place.

Sorry, but that's what it's like in the real world ..

Hey - I just spotted the 'answer' below me is a good example of some-one trying to rip you off !!