Loan Repayment Protection (LRP) provides borrowers with affordable, inclusive & supportive repayment insurance in the event of an accident, sickness or involuntary unemployment.
Unemployment, sickness or an accident could seriously affect a borrowing member’s income. If members do not have sufficient savings to rely on to service their debts, LRP could be the much needed financial support they need to ensure their repayments are met.
CMutual has provided Credit Unions in Ireland with an affordable, compliant and inclusive LRP program over many years. We provide a regular monthly payable LRP program for Credit Unions, thereby eliminating many of the risks and issues associated with Single Premium LRP.
Aware that unpaid loan and credit card repayments could damage a member’s credit rating thereby making borrowing more difficult for them in the future. LRP seeks, in the right situations to address the economic reasons why a member fails to repay their loan. In addition, members could incur penalty charges increasing, in the event of missed loan repayments, their debt and potentially making it more difficult to repay.