On social networks, complaints are ringing: while the State and the banks have been committed for two years to the massive deployment of State-guaranteed loans (PGE), the twittos @MisterComptable (2,700 subscribers) wonders: “Question stupid: why on a PGE is there a borrower’s insurance, if it is guaranteed by the State?” The account of @dtolstoi is no less surprised: “The PGE is guaranteed by the State (redundancy) and the banks always take death and disability insurance from it.” As for @ sdtoi3, he also points out that it is necessary to add to the interest rate a “personal insurance of the business manager” to know the overall price of this loan. So many false notes in the hitherto well-orchestrated concert of the distribution of PGEs by the banks, which are 90% guaranteed by the State.
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Lack of transparency
It is difficult to know the proportion among the nearly 700,000 PGEs distributed to cushion the economic shock of the pandemic, but many bank branches have strongly encouraged their professional customers to take out borrower insurance in order to cover the risks of death and invalidity of key executives in the event of a “glitch”, according to the expression used in insurance. Transactions that sometimes lacked transparency. Julien, manager of a small computer hardware company, was thus able to obtain a PGE of 80,000 euros from LCL in January 2021. “In the urgency of the situation, I did not look at all the clauses, explains the chief company. Gross error!” A year later, he signs a postponement of the repayment of his loan and receives a new payment schedule. “I discovered that it included insurance for an additional total amount of just under 2,000 euros,” the manager is surprised. When questioned, his banker explains to him that this has been linked to the contract since the origin of the loan. And that each request for deferred payment lengthens the duration of the insurance contribution by the same amount.