What's a Premium Finance Agreement (PFA)?

A premium finance agreement, or PFA, is an agreement by which the insured agrees to pay to the amount to be advanced to an insurer or producing agent in the payment of premiums of an insurance contract, together with interest and a service charge.

The insured views the terms of a PFA during the downpayment checkout process and can download a copy at that time. Once Ascend receives the customer's downpayment, the PFA is legally bound and active.

Although the signed Premium Finance Agreement is automatically generated by our system when the insured makes a purchase, agents may wish to view or save that document for their records.

How to Access the PFA Document

The PFA is not legally bound and active until Ascend receives the customer's downpayment. Once the program is active, you can find the PFA under the Loan Details > Financing documents section. 

Depending on the insured's chosen payment method, the PFA will not be available after the downpayment is cleared. ACH can take 3-5 business days while credit card is processed instantaneously. Learn more about payment method processing timelines here.

Draft PFAs

When the program status is Payment due, you can view and download the unsigned version of the Premium Finance Agreement from the Payment options section. You will not need to download or send this document to your customer independently, as your client will have the ability to sign on checkout.

Frequently Asked Questions

Do I need to have my customer sign the PDF?

No. The PFA is automatically signed when the customer purchases the policy through Ascend/made a payment for the downpayment. 

Do I need to submit this anywhere?

No. This document is for your records, so  you do not need submit this PFA to other parties. Ascend automatically sends a Notice of Financed Premium to the carrier/wholesaler along with remittance advice.

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