COVID-19 : How does deferring a personal loan payment work?
Personal loan payment deferrals are no longer available as of July
If you have already applied and been approved:
Principal and interest payments on your personal loan will be
deferred for a period of 1 to 3 months.
You must continue paying insurance premiums for life, disability,
and critical illness insurance, if applicable. Make sure you have
enough money in your account to make these payments.
Interest continues to accrue during the deferral period. You will
have to pay the interest when you resume your payments.
Your loan will be extended for a duration equal to the deferral
period. The principal and interest portion of your loan will be
adjusted (interest prioritized) so the amount of your payments
remain the same.