COVID-19 Member Support

Personal loan Payment Holiday

Coronavirus: personal loan payment holiday

If you’re worried about your monthly loan repayments as a result of coronavirus (COVID-19), we’re here to help.

If you think you’ll struggle to make your loan payments because of coronavirus, we can help by offering our members a reduction in monthly loan payments.

Under a loan payment holiday, we will allow you to reduce your monthly payments for up to 3 months. It won’t affect your credit rating, so there’s one less thing to worry about.

You can apply for a personal loan payment holiday if:

  • Your finances have been affected by coronavirus. For example, you can’t work due to self-isolation or you have been furloughed.
  • You’re currently up to date with your monthly loan payments

It’s important to remember that a personal loan payment holiday is a temporary reduction in your loan payments, to help you through these uncertain times.

There are a few things to consider before applying for a personal loan payment holiday, to make sure it’s right for you:

  • Taking a payment holiday means that it will take you longer to repay your balance, so you will pay more overall for your borrowing. This is because we’ll continue to charge interest on your loan at your normal rate during the payment holiday.
  • Currently, we can only offer 3-month payment holidays. The most appropriate time for you to take out a payment holiday will depend on your individual circumstances.

Where we can, we’ll start your payment holiday as soon as possible however, it can take up to 2 weeks to change, due to it being actioned by your payroll.

In most cases we will be able to advise you instantly whether your payment holiday has been accepted.