The growing use of credit to buy insurance
New research by Premium Credit reveals the insurance intermediary market anticipates consumers will use credit more this year when buying insurance.
A study by Premium Credit has found that among SMEs 42% plan to borrow more this year to fund their insurance while just 4% intend to use less.
Nearly half (47%) of SMEs stated that they are using increased amounts of credit to buy insurance due to rising premiums.
According to the report 50% of the SMEs involved plan to borrow £4,000 or more to fund their cover(s) this year.
The survey suggests that up to 18,000 SME owners who used credit in 2018 to fund insurance are still paying off the
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