About Premium Finance Loan
Say goodbye to the stress of lump-sum insurance payments with CLICO Credit Union’s Premium Finance Loan. This unique financial solution allows you to break down your annual insurance premium into manageable monthly payments. It’s not just about financial ease; it’s about ensuring your insurance obligations are met without the burden of a hefty upfront payment. Discover the convenience of premium financing – your gateway to smoother insurance experiences.
Features of the Premium Finance Loan
- Most recent Pay-slip or Audited Statements for two consecutive years
- Job Letter (not older than six months)
- Two forms of picture Identification
- Proof of Address (not older than three months from the date of application)
- Insurance Coverage Quotation
Got any questions? we’re here to help
Frequently Asked Questions
There is no set waiting period, but lending criteria does apply.
Documentation required will vary depending on the nature of your request but the prerequisites are two valid forms of picture identification, proof of address, a recent job letter and payslip along with supporting documents for your request.
Introducing our Premium Finance Loan: a tailored financial solution designed to ease the burden of insurance premium payments. With this unique offering, members can spread their insurance premiums over 10 manageable monthly payments instead of a single lump sum. This short-term loan runs for just 10 months, providing the flexibility and affordability needed to access essential insurance coverage without straining your finances. Say goodbye to the stress of large upfront payments and hello to convenient, budget-friendly insurance financing.
The loan amount is calculated based on the cost of the insurance premium and the borrower’s ability to service the loan.
Applying for the Premium Finance Loan is simple and convenient. You can visit our website and apply for the loan using your online banking credentials. Alternatively, if you are a member and do not have your online banking credentials you can apply for them at ccuebranch.com and click “Sign Up”
Yes, you can become a member of CLICO Credit Union and apply for The Premium Finance Loan immediately. Our team will guide you through the membership process, ensuring you have access to all the benefits and services offered by our credit union. Email us at bdteam@clicocu.com or fill out the form at the bottom of this page.
No, this loan is based on the cost of your premium and your ability to service the loan.
The interest rate for this loan product ranges from APR 12.0%.
The Premium Finance Loan carries a maximum repayment term of 10 months.
The amount is based on the cost of your premium and your ability to service the loan.
Once you have submitted your application, our lending team will review it promptly. We strive to provide quick and efficient loan decisions, and you will be notified of the outcome as soon as possible.
The preferred form of repayment is via salary deduction, but alternative options can be discussed with your lending officer.
All loans are subject to normal lending criteria. Our lending team will assess your eligibility based on factors such as your terms of employment, income, credit history, and ability to repay the loan.
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