1. What is payment protection cover?
If you have subscribed B Secure or B Secure+, you gain access to the full set of services described in the B Secure and B Secure+ terms. In addition, as our loyal customer, you receive an extra benefit – payment protection through Bondora’s own insurance policy. This insurance cover is part of Bondora’s own financial risk management. It allows Bondora to potentially cover your loan payments in specific situations (like job loss or accident-related incapacity) that could otherwise result in financial loss to Bondora.
2. How is the insurance related to B Secure or B Secure+?
The insurance policy is not part of your B Secure or B Secure+ agreement. It is a separate arrangement that Bondora has taken out for its own financial protection. However, as an extra benefit, Bondora may use this insurance to cover your loan payments temporarily if you meet certain conditions.
This benefit comes with no additional cost to B Secure and B Secure+ customers and is valid until further notice. Bondora pays the full insurance premium, and you are not charged directly or indirectly for the insurance.
3. Does Bondora provide insurance for me?
No. Bondora has signed an insurance contract with Elama Kindlustus AS to protect itself from financial loss if customers are unable to make loan payments due to specific unexpected events (such as job loss or accident-related incapacity). You are not insured, and you are not a party to the insurance contract.
4. Can my payments be covered if I experience job loss or an accident?
If you have an active B Secure or B Secure+ subscription, and you meet the required conditions (e.g. you are involuntarily laid off or suffer an accident resulting in long-term incapacity), Bondora may use its insurance to cover your loan payments. This is done at Bondora’s discretion and based on its own insurance terms. More information on self- service portal.
5. What do I need to do if I want Bondora to consider covering my payments?
You must notify Bondora immediately and provide documentation, such as:
· A medical certificate of incapacity (in case of accident);
· A notice of redundancy (in case of job loss);
· Your written consent to process personal and, if necessary, health data.
Without your cooperation and consent, Bondora cannot assess eligibility under its insurance policy.
6. Will I receive any direct insurance compensation?
No. Any compensation paid under the insurance policy is paid directly to Bondora to reduce your outstanding loan payments. You are not entitled to receive insurance funds directly.
7. What happens if Bondora decides not to file a claim or if the insurer refuses to pay?
You remain responsible for fulfilling your loan payment obligations. The B Secure and B Secure+ service does not guarantee payment protection, and your loan agreement remains valid at all times.
There are also exclusions in the insurance terms under which Bondora will not be entitled to receive compensation from the insurer. In such cases, Bondora may not cover your payments. More information on your self-service portal.
8. How is my personal data (incl. health data) collected and processed?
If you apply for payment protection, Bondora may request documentation that includes special categories of personal data (e.g. health data). This information will be processed only with your explicit consent and shared only to the extent necessary with the insurer Elama Kindlustus AS and claims handler Cachet Insurance Broker OÜ to evaluate whether Bondora may be compensated. Your data is protected under applicable data protection laws and Bondora’s Privacy Policy.
9. Are there any limits to how much Bondora insurer may cover?
Yes. The amount and duration of any potential payment relief are subject to specific limits under Bondora’s internal policy and insurance agreement. These may vary based on your B Secure or B Secure+ plan and the nature of the situation (e.g. job loss vs. accident). More information on your self-service portal.