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Frequently asked Questions (FAQ's)
Below you’ll find answers to questions we get asked the most about our Premium Financing solutions
- We finance most short-term insurance covers, however, each transaction is assessed on its own merit and vetted by our credit department. We have long standing relationships with all major insurers and underwriting managers within the South African insurance market.
- Your first instalment/s due is based on the date of inception of your insurance policy and will be collected on the day we activate the Loan.
- We offer the 1st, 7th and 15th as Debit order strike dates.
- From your insurance broker as VAT is charged by the Insurer. (Vat Credit Input can only be claimed after payment has been received by the insurer in full).
- No, we claim the pro rata portion of the unexpired premium directly from the insurers in order to settle the balance of the loan.
- As with any annual insurance policy, any reduction in cover would necessitate a refund from the insurer in question. As such, your loan agreement will be adjusted by way of a credit endorsement in accordance with your insurance policies and should your cover reduce, so would your repayments. Upon receipt of the refund from the insurer, your loan will be adjusted accordingly.
- Of course you can, your loan agreement will be increased by means of a Debit endorsement which would be financed over the remainder of the insurance period.
- No, we are able to offer finance over any term. The shorter the term, the better the rates offered. We typically finance our clients over 6, 8, 10 & 12 months, dependant on our clients cash flow requirements.