If you are financially impacted by COVID-19 you can apply to take a break from paying your loan for up to 3 months.
There’s a few things you’ll need to know before applying:
- We will close your existing personal loan account and open a new one.
- Any interest owing on your existing personal loan (known as accrued interest) which hasn’t been charged yet to this date can be either included in your new loan, or if you prefer you can pay this interest.
- Your loan will then be recalculated and the term of your loan extended by 3 months. Interest will also accrue during the payment holiday period. We’ll send you a new loan agreement with all the details which you’ll need to sign and return to us before your payment holiday can start.
- Your new loan account will be a variable rate loan, regardless of whether your existing loan was a fixed or variable rate. Variable rate means the interest rate of your loan will change. Whilst the loan payment amount will stay the same, you may end up paying slightly more or less in total at the end of the term and your last payment may be for a different amount.