Introducing a repayment waiver that benefits both borrowers and investors.
What is Payment Protect?
Payment Protect is a simple repayment waiver product that offers protection to help our borrowers during unexpected events that may impact their ability to make their loan repayments such as involuntary redundancy, disability, or death. It’s similar to the repayment protection insurance that most of the major personal loan providers offer their borrowers.
How does Payment Protect work?
When applying for a loan, our Borrowers are given the option of adding a one-off Payment Protect to their loan. Choosing this option adds a Payment Protect fee to the overall loan amount, increasing the monthly repayments. In return, if during the term of the loan the unexpected should happen, then some or all of the remaining repayments could be waived, depending on the event suffered.