Insurance customers are increasingly using credit to pay for cover and switching to monthly payments for car and home insurance to manage their bills as the cost of living squeeze continues, new research from the UK’s leading premium finance company, Premium Credit, shows.

New research from the UK’s leading insurance premium finance company, Premium Credit, shows the number of SMEs using credit to pay for their insurance has increased in the past year with nearly one in five of them increasing the amount they borrow.

In a star-studded evening celebrating the very best brands in the business finance and commercial finance sectors, Premium Credit’s Specialist Lending tax team has been named as a ‘commended’ finalist in the Best Service from an Alternative Funding Provider category at the 2024 Business Moneyfacts Awards.

At the upcoming BIBA Conference the Premium Credit team will present the latest developments in insurance premium finance. BIBA 2024 and this year’s ‘What’s next’ theme will provide the perfect opportunity to promote new and innovative products and services designed to maximise business development opportunities for our partners.

Why use valuable working capital to pay FCA Top Up fees upfront? An instalment financing option can be used to ease the payment burden says Premium Credit.

As regulated firms receive FCA Top Up fee invoices over coming weeks, Premium Credit continues to provide a finance option enabling firms to pay in convenient monthly instalments instead of a single lump sum payment, helping to improve cash flow. Agreements, totalling over £650M have been funded by Premium Credit to date for this purpose.