Motley Fool: Cashback Loans: Gimme Or Gimmick?

Last week, Nationwide BS hiked its personal loan interest rates and launched a new cashback deal for borrowers.

Between 2 October and 30 November, customers who take out a personal loan with Nationwide BS and buy its LoanCare payment protection insurance (PPI) will receive cashback of a fifth (20%) of their insurance premium when their loan ends. The lump sum refunded will depend on the loan amount and period: for example, on an insurance loan of £5,000 over five years, the cashback would total £122.21….

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