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COVID-19 : How does deferring a personal loan payment work?

Personal loan payment deferrals are no longer available as of July 1, 2020.

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.

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