When you choose to pay for your policy by monthly instalments, you're applying for a credit agreement with Premium Credit. Interest is charged at 14.5% (minimum charge £10) and the total cost of the interest, premium and any fees due to Simply Business are spread over 10 monthly payments.
Premium Credit carry out their own credit check to approve your agreement which will leave a footprint on your credit report. If any further information is required to set up the application, we'll be in contact with you. You'll need to be:
- Someone with a good credit history
- Over 18
- A UK resident
Premium Credit will email you the credit agreement, payment schedule and their terms and conditions, normally within 48 hours of the application being approved. You should electronically sign the agreement within 10 days of receipt to avoid a £25 charge from Premium Credit.
Your first payment will normally come out of your account within 10 days of your policy start date.