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Andrew Hagger of financial information website Moneyfacts warns that competitive rates on high street loans mean banks frequently use payment protection insurance to turn a profit.
At the moment some banks are offering loans with interest rates as low as 5.5 per cent APR compared with a base rate of 4.5 per cent, this means profit margins are low and so they take steps to increase them.
"In some cases, bank staff are targeted to sell this cover and have the opportunity to earn a financial bonus," Mr Hagger stated.
"However, the downside so far as the consumer is concerned is that, in some cases, this can lead to a 'hard sell' approach and the insurance sale not being made for the right reason, i.e. the needs of the customer."
He said that stand-alone cover providers could offer a far more competitive deal.
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