1. Who is the insurance provider?
Bondora has signed an insurance contract with the licensed insurer Elama Kindlustus AS, which protects Bondora against financial risk if a customer fails to make loan payments according to the terms of an insurance contract. The compensation is paid directly to Bondora.
2. Does Bondora offer insurance for me?
No. Bondora has entered into the insurance contract to cover its own financial risk and financial loss in case the customer fails to pay loan payments. Bondora is the policyholder and the insured party.
3. Why is insurance coverage mentioned if I am not insured?
If You have purchased the B Secure or B Secure+ service, Bondora may use its insurance coverage to cover Your loan payments temporarily. This does not give You any legal rights under the insurance contract nor make You an insured party.
4. When can Bondora use its insurance to cover my loan obligations, and under what conditions?
If You have an active B Secure or B Secure+ service and:
· You are made redundant by Your employer, and Your employment lasted at least 6 months before activating the B Secure or B Secure+ service (job loss);
· You suffer an accident resulting in health impairment and incapacity for work lasting more than 30 days (accident);
... then Bondora may use its insurance coverage to cover Your loan payments according to the insurance terms. Insurance coverage is activated only if You have provided all required documents, consents are submitted, and no policy exclusions apply.
5. What should I do if I lose my job or have an accident?
· Notify Bondora as soon as possible (address);
· Submit all required documents (e.g. sick leave certificate, notice of redundancy);
· Provide written consent to process special categories of personal data and forward them to the insurer Elama Kindlustus AS and the insurance broker Cachet Insurance Broker OÜ who are handling the claims.
6. Will I get the insurance benefit directly?
No. The insurance benefit is paid directly to Bondora, which uses it to cover Your loan payments. You have no claim against the insurer.
7. Does Bondora insurance coverage have limitations?
Yes. Bondora’s insurance compensation is subject to limits set out in the insurance contract. These limitations may vary depending on whether you have the B Secure or B Secure+ service and the nature of the specific situation (e.g. job loss vs. accident).
More detailed information is available in your self-service portal.
The payment protection applies to one qualifying event per one-year insurance period.
Does the insurance apply automatically if I'm having trouble paying my loan?
No. Insurance applies only if You have an active B Secure or B Secure+ agreement and Your financial difficulty arises due to job loss or accident as defined in the insurance policy. It does not cover:
· General financial hardship;
· Voluntary resignation;
· Short-term or fixed-term employment.
Exclusions listed in the insurance policy also apply. Bondora reviews each case based on the insurance terms.
Example: Bondora will not receive compensation (and therefore cannot cover Your payments) if Your accident occurred during air sports, mountaineering, downhill or off-piste skiing, whitewater rafting, auto/motorsports, or military service/missions.
8. Can Bondora use the insurance without my knowledge?
No. You must inform Bondora, submit the required documents, and give consent. The process cannot begin without Your participation.
9. Does the insurer have the right to seek recourse from me?
No. The insurer does not acquire any claim against You regarding Bondora’s loan agreement. However, if the insurance does not cover the loss or the entire amount, You are still responsible for repaying the loan.
10. Can I use Bondora’s insurance more than once?
The insurance coverage is limited by specific conditions and maximum amounts per insurance period (1 year). During the insurance period, Bondora may use its insurance coverage only once, and only up to the maximum coverage limit.
Example: Let’s say You have the B Secure+ service, which covers €200 per month for up to 4 months (a total of €800 per year) in the event of job loss. If You use the full €800 limit during a single job loss over 4 months, You will not be eligible for additional compensation in that same year. If You lose Your job again later that year, You will be responsible for covering the loan payments Yourself.
11. How long does the insurance coverage last?
Coverage lasts as long as You have an active B Secure or B Secure+ service and meet the terms of the agreement.
12. Can I use the insurance retroactively?
You must notify Bondora of the incident as soon as possible, and all documentation must be submitted in accordance with the requirements and the terms of the insurance contract.
13. Is Bondora obligated to submit a claim to the insurer?
No. Bondora is not required to submit a claim in every case. If You experience job loss or incapacity, Bondora will evaluate whether Your documents and situation meet the insurance terms. Bondora may choose not to submit a claim if, for example, documents are missing, or the situation doesn’t qualify. Insurance coverage is never guaranteed.
14. What happens if the insurer refuses to pay compensation?
If the insurer declines the claim (e.g. due to exclusions or insufficient documentation), You remain responsible for making payments under Your loan contract. Bondora is not obligated to cover Your payments, and the original terms continue to apply.
15. How is my personal data (incl. health data) collected and processed?
If You wish to apply for payment protection under the B Secure or B Secure+ service due to job loss, health impairment, or another insured event, Bondora will request supporting documents from You. These may include special categories of personal data (e.g. health data). Your data will be processed only with Your explicit consent and solely for the purpose of handling the insurance claim. The necessary data will be shared with the insurer and/or insurance broker only to the extent required for making a decision. Your data is protected in accordance with applicable legal requirements and Bondora’s Privacy Policy.
16. What happens if the B Secure or B Secure+ service ends?
If Your B Secure or B Secure+ service is cancelled or ends, insurance coverage no longer applies to Your loan. This means Bondora cannot use its insurance to cover Your payments in case of future job loss or accident.
17. Does the insurance coverage affect my loan interest or payment schedule?
The insurance coverage offered through the B Secure or B Secure+ service does not change Your loan interest rate or payment schedule. Any decision regarding temporary payment coverage or a payment holiday is made based on the terms of the insurance contract, as part of Bondora’s own financial risk protection. If the insurance compensation does not cover the full amount or if compensation is denied, Your original loan payment terms will continue to apply.
18. Can the insurer contact or question me directly?
Typically, no. The insurer does not communicate directly with customers, as the contract is between Bondora and the insurer. However, Bondora may request additional documentation from You that is needed to handle the claim. If You fail to submit the required documents or consent to data processing, the claim handling cannot be proceeded.
19. How does insurance coverage affect my credit score or payment history?
If Bondora receives compensation under the insurance, this may help prevent payment defaults and protect Your credit history. However, if the limit is exhausted or the insurer declines the claim, You remain responsible for repayment. Late payments in such cases may negatively affect Your credit score, just like with any standard loan agreement.
20. If Bondora receives compensation due to my job loss, do I still have to make loan payments?
No. If Bondora receives compensation from the insurer, it will offset that amount against your loan payments according to the extent of the compensation received.
21. If Bondora receives compensation due to my job loss, do I still have to make my loan payments?
No. If Bondora receives compensation from the insurer, Bondora will offset it against the borrower’s loan payments according to the amount of the compensation.
22. Where can I read the full terms and conditions of the insurance?
You can download the full terms and conditions here.