Payment Protection helps cover your loan payments in the event of accidental long-term disability or death.
With payment protection, you can dramatically reduce financial stress and improve your peace of mind for both you and your loved ones.
Get coverage on your loan payments if you’re unable to work due to disability or death.
Protect your loved ones from financial burdens during difficult times.
Low-cost coverage that can be included as part of your loan payment.
Simple application process with no medical exam required for most applicants
The Payment Protection Plan is an optional service that waives the borrower’s repayment obligation under certain conditions, such as death or Accidental Long-Term Disability.
No, it is an optional plan that the borrower can choose to add to their loan agreement.
The cost is calculated at a rate of $1.50 per hundred dollars of the principal amount borrowed per year of the loan’s term. Here is an example of the difference in the bi-weekly payment amount, with and without the Payment Protection Plan:
Opting for the Payment Protection Plan results in a slight increase of $1.36 per biweekly payment. However, it provides financial security by covering loan payments in case of unforeseen events like death or long-term disability.
Yes, in the event of the borrower’s death, the outstanding principal balance and interest are waived. However, in the case of Accidental Long-Term Disability, only the installment payments during the disability period are waived.
The borrower must provide evidence of an injury that prevents them from performing their job duties and that the disability is continuous.
Yes, the waiver does not apply in cases of:
The waiver applies during the “Waiver Period,” which lasts until:
The borrower or their representative must provide written notice and necessary evidence within the required time frame (e.g., within 15 days of death certificate issuance for death claims).
The waiver will not be applied, and the borrower remains responsible for the loan payments.
Yes, the borrower can cancel at any time during the loan term. A pro-rated portion of the fee paid will be applied to the outstanding loan balance.
If canceled, the pro-rated fee is applied to reduce the loan balance, but monthly payments must continue as per the original agreement.
If ineligible at the time of enrollment, the waiver is considered void, and the borrower will receive a refund of all fees paid, without interest.
No, enrolling in or using the waiver does not affect your credit score. However, failure to make payments outside of the waiver terms may impact your credit.
If the borrower does not have the Payment Protection Plan, they or their estate will be responsible for repaying the full loan amount as per the original agreement
Join thousands of satisfied customers who sleep better at night knowing their finances are protected against life’s unexpected events.
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