Evolution, Inc. since 1979
Do Insurance Premium Finance loans require credit checks?
Back to FAQThis industry has thrived since 1933 without the need for credit scores or credit checks before booking a policyholder loan. This is way outside of the norm that every lender has ever been taught or required to do for any other lending process.
No credit checks, but why? Policyholders give the premium finance company power of attorney per standard industry agreement. This allows the premium finance company to have the carrier cancel the policy and return the unearned premium back to the premium finance company.