Loan Deferment
OneMain Financial offers a loan deferment option to eligible customers who have missed a few payments. A loan deferment allows borrowers to make smaller payments or postpone payments entirely during times of financial hardship. This provides breathing room and extra time to get back on track financially.
Key Facts
- Loan Deferment: OneMain Financial offers a payment option called a loan deferment. A loan deferment allows you to make a smaller loan payment or postpone the entire payment during times of economic hardship. It provides you with some breathing room and extra time to get back on track financially.
- Eligibility: OneMain Financial customers can apply for a loan deferment if they have already missed a few payments. However, it’s important to note that you should not skip payments until you have confirmation that your application for a loan deferment has been approved by your lender. Skipping payments without approval may negatively impact your credit score.
- Terms and Conditions: Each lender has its own terms for loan deferments, so it’s crucial to understand the specific details of the deferment arrangement. Some important questions to ask include:
- Is there a fee for the deferment?
- How will the deferment affect your credit score?
- How long will the deferment period last?
- Will the deferment accrue extra interest?
- Will the date and amount of your monthly payment change?
Eligibility
To be eligible for a loan deferment, OneMain Financial customers must have missed a few payments. However, it’s crucial to note that skipping payments without lender approval can negatively impact credit scores.
Terms and Conditions
Each lender has its own terms for loan deferments. It’s essential to understand the specific details of the deferment arrangement before applying. Important questions to ask include:
- Is there a fee for the deferment?
- How will the deferment affect credit scores?
- How long will the deferment period last?
- Will the deferment accrue extra interest?
- Will the date and amount of monthly payments change?
Conclusion
OneMain Financial’s loan deferment option can provide temporary relief for borrowers facing financial hardship. However, it’s important to understand the eligibility requirements, terms, and conditions before applying. Skipping payments without lender approval can have negative consequences.
References
FAQs
Can I skip a payment with OneMain Financial?
**Answer:** Yes, you may be eligible for a loan deferment if you have missed a few payments.
What is a loan deferment?
**Answer:** A loan deferment allows you to make smaller payments or postpone payments entirely during times of financial hardship.
How do I apply for a loan deferment?
**Answer:** Contact OneMain Financial to inquire about their loan deferment program and eligibility requirements.
Are there any fees for a loan deferment?
**Answer:** Fees may vary depending on the lender. It’s important to ask your lender about any potential fees.
How will a loan deferment affect my credit score?
**Answer:** Skipping payments without lender approval can negatively impact your credit score. However, a loan deferment approved by your lender should not affect your credit score.
How long will the deferment period last?
**Answer:** The deferment period varies depending on the lender. Be sure to ask your lender about the specific terms of the deferment.
Will the deferment accrue extra interest?
**Answer:** In some cases, interest may continue to accrue during the deferment period. Check with your lender to confirm the terms of the deferment.
Will the date and amount of my monthly payment change after the deferment?
**Answer:** The date and amount of your monthly payment may change after the deferment period ends. Your lender will provide you with the updated payment information.