Secured Loans Used To Offer Cashback And Now M&S Are Following

Before the credit crunch there were secured loan lenders who gave their customers cashback in their secured loan products. This cashback was a percentage of the interest. Paragon, the Solihull based secured loan lender, provided this in many of their homeowner loan products, whether it was a consolidation loan, a homeimprovement loan, etc.They also offered cashback on the optional insurance taken out with these homeowner loans. This is no longer available, as Paragon could not obtain sufficient funds to provide secured loans to new applicants, but are at present only graanting further advances to existing customers. Now M& S, the huge retail giant, are offering cashback of 10% of the interest charged on their loans. The rate for these loans is a little higher that some of the other rates offered, and is about 1% APR higher than Tesco's personal loan rate.