• We provide a standardised explanation about the credit on offer.
• We consider & analyze your businesses performance and offer a loan that we feel you can repay.
• We check your credit worthiness before offering or topping up a loan with you.
• We provide you a clear repayment schedule. Stating all the additional charges that you will incur.
• We offer customers the chance to make partial early repayments with no penalties fees.
• We provide customers prompt responses to their inquiries post-loan acceptance.
How can it help me grow my business?
Personal Guarantee Insurance (PGI) provides ambitious small business owners, the comfort and confidence they require to pursue their growth plans. According to the SME insider, 79% of small business owners say they are discouraged to take out loans that put themselves at serious risks. Cover such as PGI solves this problem by giving small business owners confidence that their personal assets will be protected in the case of defaulting on a loan.
What is Personal Guarantee Insurance?
Personal Guarantee Insurance (PGI) provides insurance for individuals, usually directors, who have given a personal guarantee (PG) to a lender in respect of the borrowings of their limited company.
How does it work?
It protects the guarantor in the event of a company failing to pay back its lender in full. Personal Guarantee Insurance cover starts at 50%, meaning, 50% of the amount guaranteed by each guarantor will be covered in year one. The percentage covered by Personal Guarantee Insurance increases annually and increases to a maximum of 90%.
When taking out Personal Guarantee Insurance, the full value of the personal guarantee that you have signed, does not need to be covered. You can decide to take on some risk yourself and only insure the remaining amount that you feel uncomfortable with.
What does it cover?
It covers your personal assets i.e. your home, car and any other assets a lender could repossess in the case of your small business being unable to repay back its loan. PGI provides financial security and protection from the unforeseen circumstances that your business may face. If you have ever given a personal guarantee for a loan, that guarantee could one day be called upon, therefore leading to significant costs, to you and anyone else who guaranteed that loan with you.
What if we have more than 1 guarantor?
PGI is personal to you, but other guarantors can also take out PGI cover. For example, let’s say you took out one of our Partner loans and had a third party guarantee your business. Both you and the third party guarantor could sign up for PGI, which would provide you 90% cover rather than the normal 50% cover because both of you guaranteed the loan together.
How much does it cost?
PGI costs 3% of the level of cover required, this can be paid either over a period of 10 months or all upfront. There is also a £200 administration fee and an insurance premium tax of 9.5% of the total premium.
To get a quote for your Personal Guarantee Insurance Apply now by clicking the button below.
“By clicking this link it will take you to the Quote & Buy website of PGI Cover a trading style of Ratae PGI Ltd an appointed representative of Professional Insurance Agents Limited also t/as Business Insurance 24/7 who are authorised and regulated by the Financial Conduct Authority. Professional insurance agents limited also t/as Business insurance 24/7 will be able to help and quote you on various insurance products – we, AH Partners do not offer advice or services in this area of Insurance.”
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