Getting A Loan Deferment
Getting a loan deferment can mean a huge reprieve for you and your finances.
It can allow you to breathe a sigh of relief, as you move about getting your finances in order with one less immediate concern on your back. That said, getting a loan deferment is no easy process.
First, your best bet is to contact your loan provider directly. Let them know what you’re going through, and see what options they offer. Before doing this, though, be sure to keep up with your previous payments. Don’t wait until you’ve already missed payments to inquire; you may be met with a denial.
Proving Your Hardship
If you do decide to ask for a loan deferment, make sure you have all of your proper documentation ready to review. You can guarantee that they’ll ask you for this to verify your circumstances are as you say. Be careful, though. The provider may use this as an opportunity to measure whether you’ll be able to pay the loan back at some point, or if you’re a lost cause. If they determine the latter, you may be in for a tough response.
Luckily, there have been measures put into place in light of recent crises. Events like the COVID-19 pandemic saw the FED make allowances for up to 6-12 month deferments if you could prove your issues were a result of the pandemic. This was a true leg up for many during that period, and shows that there is some great support available should extenuating circumstances occur.
Working with Affinity Bank
That brings us to the close of this week’s blog entry. Be sure to check back in the coming weeks, as we’re always updating our archive with new, quality literature to keep you financially informed. Have further questions about our services? Contact Affinity Bank today to learn more.