BSB 805 050

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BSB 805 050

Loan Protection

Give you and your family peace of mind should the unexpected happen with Mutual Aid

In case of illness, accidental injury, unemployment or death, Mutual Aid may help pay your personal loan repayments, offering you and your family peace of mind should the unexpected happen.

Accidents can happen

Mutual Aid is an arrangement under which People’s Choice Credit Union 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. Loan protection is not insurance.

Mutual Aid applies to the following areas:

Illness

  • 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

Unemployment

  • 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 180 days per 18 month period
  • Mutual Aid relief, if approved, will begin after 15 days of unemployment

Accidental Injury

  • 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

Death

  • 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 64 year olds – Mutual Aid is only available to approved borrowers who are aged not less than 18 years and not more than 64 years 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

 

For more information about Loan Protection call 13 11 82 or visit your nearest branch.

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

hi…

Thank you for your enquiry. Unfortunately we don’t have a branch in this area, so please call us on 13 11 82 to see how we can still help you.

Mutual Aid is optional, for full terms and conditions, fees and criteria, please refer to the Mutual Aid Product Disclosure Statement at this link. You should consider the Product Disclosure Statement and whether Mutual Aid is appropriate for you prior to deciding to purchase.

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