There is no need to apply for a loan from a bank. With the help of insurance company funds, the company can alleviate the company's short-term funding difficulties and save interest. Wenzhou businessman Mr. Zhang found a new way to raise funds. Mr. Zhang is a businessman engaged in the garment manufacturing industry. In Wenzhou, Mr. Zhang is not considered one of the most wealthy people. There are many businessmen like him with an annual income of about 10 million yuan. Mr. Zhang is good at financial management, and is even better at using third-party funds to solve business problems for himself, and uses more than 50% of his own funds for investment. In addition to having investment awareness, Mr. Zhang also has advanced insurance awareness. Their family of three needs to pay about 500,000 yuan in premiums every year, and they have been paying for it for seven years. This is only the fee paid by an insurance company. In terms of insurance types, health insurance and dividend financial insurance are Mr. Zhang’s first choices. In addition to Chinese insurance companies, through comparison, he also chose two foreign insurance companies for diversified investment.
In November 2008, affected by the financial crisis, the market continued to be weak. Mr. Zhang, who mainly focuses on foreign trade exports, had no choice but to turn to domestic sales to maintain the normal operation of the company. According to past practices, Mr. Zhang's qualifications would allow him to apply for short-term loans from banks. However, in the context of the financial crisis and near the end of the year, many banks began to tighten loans.
An accidental opportunity changed Mr. Zhang’s past practice of relying on underground banks, microfinance and private lending. One day at the end of November 2008, Mr. Zhang was chatting with his friend Mr. Liu. Mr. Liu was also a businessman and was good at financial management and investment. He told Mr. Zhang that he could apply for a loan through his insurance policy and then pay it to the insurance company through credit card transfer. He could not only obtain funds from the insurance company, but also borrow the credit card's interest-free period for interest-free consumption. Compared with underground banks and microfinance, this approach is the safest and requires almost no interest payment (that is, using the funds of the insurance company and using a credit card to repay the loan from the insurance company).
This is a good reminder for Mr. Zhang. Mr. Zhang learned about the general loan situation by consulting the insurance company. It turns out that policyholders can apply to insurance companies for policy loans, but not all insurance products can be used for loans, and the insurance companies must decide according to the type of insurance purchased. When a policyholder applies for a loan, he or she can usually obtain 70% of the policy cash price (1239.80, -1.00, -0.08), with a maximum of 80%.
The more premiums you pay each year and the higher the insured amount, the higher the cash value of the policy will be. Of course, the cash value is not equal to the premium paid. The cash value will increase year by year as the number of years of insurance increases.
Mr. Zhang tried to apply to an insurance company for the first time and received financial support of 300,000 yuan from the insurance company for the first time. According to the bank's loan interest rate at the time, Mr. Zhang needs to pay the same loan interest rate to the insurance company. Three days later, Mr. Zhang paid all the money back to the insurance company through platinum credit card consumption.
"This approach is to offset the insurance company's loan through credit card consumption. It is legal in theory, because consumers use credit cards to consume insurance products. In fact, Mr. Zhang obtained from the insurance company 300,000 yuan, only 3 days of interest were paid to the insurance company, and the time difference was used to enjoy the 50-day interest-free period of the credit card. If the policyholder applies for a high loan amount from the insurance company, it can completely solve the problem of short-term funds. " An industry insider revealed.
In fact, Mr. Zhang can also apply for a policy pledge loan through a bank, but the interest rate for a policy pledge loan through a bank is the commercial loan interest rate announced by the central bank, which is usually higher than the insurance company's policy loan interest rate. This practice of transferring money through credit card consumption not only saves interest, but also accumulates higher credit for himself, because Mr. Zhang will regularly repay the credit card debt and never defaults.
To date, the highest loan Mr. Zhang has applied for from an insurance company has reached 1.5 million yuan. This amount of money is exactly the short-term liquidity that Mr. Zhang urgently needs. Mr. Zhang has never had a record of default on policy loans and credit card purchases, and this has created a virtuous cycle for Mr. Zhang.