Premium Credit is a prominent supplier of premium finance in the United Kingdom and Ireland. This service enables customers to spread the cost of their insurance premiums over a longer period of time, which can be beneficial to both individuals and businesses. Even though it has a track record of being an honest and dependable business, there are some people who wonder if Premium Credit is actually a con or a real company.
It is essential to have a fundamental understanding of both the function of Premium Credit and the manner in which it is administered. Individuals and businesses can qualify for loans through Premium Credit to cover the cost of their insurance payments.
It is common practise for the repayment of these loans to take place on a monthly basis over the length of the loan term, with interest accruing on the principal amount borrowed. This makes it possible for individuals and businesses to have a more effective management of their financial flow and to avoid making large upfront payments.
Premium Credit has been in operation for more than 30 years and is supervised by the Financial Conduct Authority (FCA), the government agency in the UK that is in charge of monitoring businesses that provide financial services to customers.
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The business activities of Premium Credit are subject to stringent regulatory requirements, which include rules regarding transparency, the protection of customers, and the maintenance of financial stability. In addition, the business is a member of the Finance & Leasing Association (FLA), an organisation that serves as a representative for the asset, consumer, and vehicle finance industries in the UK.
The track record of success that Premium Credit has accumulated lends credence to the notion that it is an honest and dependable business. Over 2.4 million customers have been satisfied by the services provided by the business, which has a customer satisfaction rating of more than 95%. Additionally, Premium Credit has been honoured with a plethora of accolades from the industry, including the title of “Best Premium Finance Provider” from the Insurance Times accolades in 2019.
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The legitimacy of Premium Credit is called into question by some individuals despite the fact that the company has a stellar reputation and is subject to stringent governmental oversight. Concerns have been expressed by some detractors regarding the interest rates that are charged on loans obtained through Premium Credit, which can be higher than those that are charged by traditional lenders. The fact that the business assesses late payment or cancellation fees has been criticised by other individuals.
However, it is essential to keep in mind that Premium Credit is not a charitable organisation but rather a corporation that seeks to make a profit. To generate profits for its shareholders and to cover the costs of its business activities, just like any other lender, Premium Credit charges interest and other fees from its customers.
Premium Credit offers a helpful service to individuals and businesses that may not have the cash flow to make sizable upfront payments for their insurance premiums. The company’s interest rates may be higher than its competitors, but the premium credit is not a scam, it is legit based on our review.
Premium Credit Loan On Clearscore
ClearScore is a credit monitoring and financial management platform based in the United Kingdom that offers free access to credit reports and scores from Equifax, one of the largest credit reference agencies in the United Kingdom. Although ClearScore does not directly offer loans, it partners with a number of lenders, including Premium Credit, to provide its users with loan options.
Premium Credit is one of the foremost providers of premium finance in the United Kingdom and Ireland, offering insurance premium loans to individuals and businesses. Through its partnership with ClearScore, Premium Credit offers ClearScore consumers who wish to finance their insurance premiums with loan options.
To apply for a Premium Credit loan through ClearScore, users must first create an account and provide personal and financial information, including their credit score and credit history. ClearScore will then match the user’s credit profile and borrowing requirements with loan options from its partners, including Premium Credit.
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If the user elects to register for a Premium Credit loan, they will be redirected to the Premium Credit website to complete the application. The user will be required to provide additional information, such as their employment status, income, and expenses, as well as information regarding the insurance policy they are financing. This information will be utilised by Premium Credit to evaluate the user’s creditworthiness and decide whether or not to sanction the loan.
If the loan is approved, the user will receive the loan funds directly from Premium Credit, which will then be paid directly to the insurance company to cover the policy’s cost. The user will then make monthly payments to Premium Credit for the duration of the loan term, which is typically one year.
Prior to applying for a Premium Credit loan through ClearScore, it is essential to thoroughly evaluate the loan’s terms and conditions. On its loans, Premium Credit charges interest and fees, which can increase the overall cost. Users should also ensure that they can repay the loan on time to avoid incurring late fees and credit score damage.
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Premium Credit Contact Number
If you need to contact Premium Credit, you can reach them by phone at 0344 736 9836 if you are calling from within the UK, or at +44 207 649 9017 if you are calling from outside the UK. Premium Credit’s customer service team is available to assist you Monday to Friday from 8:00am to 6:00pm and Saturday from 9:00am to 1:00pm (UK time). You can also contact Premium Credit by email at [email protected] or by post at Premium Credit Limited, Ermyn House, Ermyn Way, Leatherhead, Surrey, KT22 8UX, UK.
Conclusion
Premium Credit is a legitimate company that delivers an important service to customers in the United Kingdom and Ireland. This service is beneficial to both consumers and enterprises. Because the business is a member of the FLA and is regulated by the FCA, this demonstrates the company’s dedication to maintaining regulatory compliance and protecting its customers.
It is essential to keep in mind that Premium Credit is a for-profit business that offers a helpful service to customers who are in need of financial assistance. This fact may cause some individuals to criticise the company for the interest rates and fees that it charges.
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Before entering into an agreement with Premium Credit or any other lender, it is crucial to thoroughly review the terms and conditions, just as it is essential to do so with any other type of financial product or service.
FAQ
Is Premium Credit a real company?
Yes, Premium Credit is a real company. It is a leading provider of premium finance in the UK and Ireland, helping businesses and individuals pay their insurance premiums over time.
How does Premium Credit make money?
Premium Credit makes money by charging interest on the loans it provides for insurance premiums. The interest rate varies depending on the loan amount and the term of the loan.
What is a Premium Credit loan?
A Premium Credit loan is a type of loan used to pay for insurance premiums. Premium Credit provides loans to businesses and individuals, allowing them to spread the cost of their insurance premiums over time.
Does Premium Credit do a credit check?
Yes, Premium Credit does perform a credit check when evaluating loan applications. The company uses credit checks to determine the creditworthiness of the applicant and to ensure that they can afford the loan.
How do I cancel my Premium Credit agreement?
To cancel your Premium Credit agreement, you should contact the company directly. Premium Credit will provide you with instructions on how to cancel your agreement and any associated fees or penalties.
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Is the premium amount paid monthly?
Yes, the premium amount for a Premium Credit loan is typically paid on a monthly basis. The loan amount is spread over the loan term, with monthly payments including both the principal and interest.
Can Premium be refunded?
Yes, in certain circumstances, Premium Credit may provide refunds for overpayments or cancelled policies. Refunds are subject to the terms and conditions of the loan agreement.
Who owns Premium Credit Limited?
Premium Credit Limited is owned by private equity firm Cinven. Cinven acquired the company in 2015.
How does Premium finance work?
Premium finance works by allowing businesses and individuals to spread the cost of their insurance premiums over time. Premium Credit provides loans to pay for insurance premiums, with interest charged on the loan amount.
What happens if I can’t pay my Premium?
If you can’t pay your Premium Credit loan, you should contact the company immediately. Premium Credit may be able to work with you to find a solution, such as restructuring the loan or providing a payment plan. However, failure to make payments on a loan can result in default and damage to your credit score.
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Can Premium be paid in cash?
No, Premium Credit does not accept cash payments. Payments for Premium Credit loans can be made through direct debit, online banking, or by cheque.
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