Loan Protection

What happens to your personal loan repayments when something happens to your livelihood?

There’s always Mutual Aid.

Mutual Aid may help pay your personal loan repayments, offering you and your family peace of mind should the unexpected happen.

Mutual Aid is not insurance and is optional. Mutual Aid is an arrangement under which People’s Choice may grant you relief from making personal loan payments. Whether we provide any relief, the conditions of any relief, how much we pay towards your loan repayments and for how long is at our discretion.

Mutual Aid areas:

  • If your illness meant you were unable to work for over 15 days you will be eligible to request Mutual Aid relief of your personal loan repayments
  • Mutual Aid relief payments may continue until the condition or your loan ends, whichever is sooner
  • We’re sensible too, so if you can work at a reduced capacity we may continue the Mutual Aid relief at a comparative amount until you’re back to where you were before the illness
  • Up to $60,000 of relief payments available; relief will not exceed the outstanding loan balance
  • Excludes relief where the cause arises a from pre-existing illness that you knew about, at the time of applying for Mutual Aid
  • If your injury meant you were unable to work for over 15 days you will be eligible to request Mutual Aid relief of your personal loan repayments
  • Mutual Aid relief payments may continue until the condition or your loan ends, whichever is sooner
  • We’re sensible too, so if you can work at a reduced capacity we may continue the Mutual Aid relief at a comparative amount until you’re back to where you were before the illness
  • Up to $60,000 of relief payments available; relief will not exceed the outstanding loan balance
  • Excludes relief where the cause arises from a pre-existing injury that you knew about, at the time of applying for Mutual Aid
  • If you became involuntarily unemployed you will be eligible to request Mutual Aid relief of your personal loan repayments.
  • Unemployment Mutual Aid relief payments may be available up to 90 days per 12 month period
  • Mutual Aid relief, if approved, will begin after 15 days of unemployment
  • If you die, your estate can request relief under Mutual Aid
  • Mutual Aid relief may retrospectively begin from the date of death once this has been verified and Mutual Aid relief approved
  • Mutual Aid relief will not exceed the outstanding loan balance at the time of death

 

Other features:

All borrowers eligible at no extra cost

  • If there is more than one borrower they are all automatically eligible for Mutual Aid at no additional cost.

Acceptance for 18 to 65 year olds

  • Mutual Aid is only available to approved borrowers who are aged between 18 and 65 at the time of their loan being advanced

Easy payment

  • The payment is a one-off fee, added to your loan, at the time of establishment

Mutual Aid is another way that we take care of our members and their finances.

Call us on 13 11 82, visit any branch for more information.

For full terms, conditions, fees and criteria, please refer to our Mutual Aid Product Disclosure Statement.

Copyright © 2017 People's Choice Credit Union, a trading name of Australian Central Credit Union Ltd
ABN 11 087 651 125    Australian Financial Services Licence (244310) and Australian Credit Licence (244310)    BSB 805-050