Irvine, CA
|

Hours: Mon-Fri 8am – 5pm PST

  • Why Our Loans?
  • Loans
    • Personal
    • Mortgage
    • Business
    • Student
  • About
    • About Us
    • Rates, Terms, & Licenses
    • Terms of Use
    • Privacy Policy
  • Contact
  • FAQs
  • Blog
(888) 574-6753

How to handle loan payments during the coronavirus crisis

Posted on Thursday, May 7th, 2020

Many individuals and families are experiencing changes in their income and struggling to pay their bills – including loan payments. For those financially overwhelmed right now, lenders are providing assistance. Read below to learn more about how to handle loan payments during the coronavirus crisis.

Student loans

Federal

As of March 13, those with federal student loans can suspend their monthly loan payments interest- and penalty-free until September 30.Loans in default are not subject to collections, either. If you’re still able to make normal payments, you benefit; all of your payments will go toward the principal amount.

Private

Policies differ depending on lenders, so you should contact yours for more information. You might be able to defer or forbear payments and have fees waived, but interest will still accrue.

Mortgage

If you’ve lost income due to the pandemic, you can qualify for help on your home loan payments. Short-term help is available through for bearance, while long-term assistance could involve loan modification.

Fannie Mae and Freddie Mac have ordered loan providers to allow mortgage forbearance for up to 12 months. During this time, all penalties, late fees and negative reporting to credit bureaus have been suspended.Lenders outside of Fannie Mae and Freddie Mac may follow suit, but borrowers must contact their loan servicers to find out. Before you turn to forbearance, understand the repayment terms being offered.

Other loans

Some lenders are waiving interest fees or deferring payments. Reach out to your lender for more details.

In addition to the options above, there may be other ways to find relief from the burden of your loan payments. For example, refinancing current debt at a lower interest rate (with lower payments) and a longer repayment term could help. And if you’re able to, reassess your budget and cut as many unnecessary expenses as possible.

Find more resources below:

  • What to do if you can’t pay your loans during the coronavirus
  • How to Get Student Loan Relief During the Coronavirus and Beyond
  • What to Do If You Can’t Pay Your Mortgage
  • List of banks offering help to customers impacted by the coronavirus
Previous Post
Dealing with finances during the COVID-19 pandemic
Next Post
Recovering Financially in 2021

Recent Posts

  • Homes in California, Georgia, and Texas Tuesday, December 8th, 2020
  • Homes In Indiana, Louisiana, Oklahoma, and New Mexico Tuesday, December 8th, 2020
  • Why Our Loans Tuesday, December 8th, 2020
  • Debt Consolidation Tuesday, December 8th, 2020
  • Recovering Financially in 2021 Friday, October 30th, 2020

Categories

  • Business (5)
  • Covid-19 (5)
  • Credit (16)
  • Finances (33)
  • Mortgage (6)
  • Student (1)

© 2023 Simple Path Financial, LLC. All Rights Reserved.

  • Rates, Terms, & Licenses
  • Terms of Use
  • CCPA Service Provider Addendum
  • Privacy Policy
  • Do Not Sell Request
  • CCPA Consumer Access/Deletion Request
  • CCPA Privacy Policy Notice

Licensing

Licenses
CFFL #60DBO-65920

Contact

(888) 574-6753

Social

Stay up to date by following us on Social Media

Facebook
LinkedIn

*This offer is for a business, mortgage, student, or unsecured personal loan referred or offered by Simple Path Financial, LLC®. All business, mortgage, and student loan requests submitted through Simple Path Financial, LLC® are funded by a third party.

SIMPLE PATH FINANCIAL LLC® is a lender and also provides loan referral services. Loans are not available in all states. In Alabama, Arizona, California, Florida, Idaho, Iowa, Louisiana, Maryland, Michigan, Missouri, Montana, New Mexico, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin personal loans are provided by Simple Path Financial LLC, a licensed lender. In Alaska, Arkansas, Kentucky, Massachusetts, Nebraska, New York and North Carolina personal loans are issued by Simple Path Financial LLC, compliant with state permitted usury laws.  In the states of Indiana, South Dakota, and Washington D.C. your personal loan will be fulfilled via our preferred network of third-party lenders. Your loan agreement will clearly identify the lender. For detailed information concerning SIMPLE PATH FINANCIAL LLC.’s licensing information please visit www.simplepathfinancial.com/rates-terms-and-licenses.

Simple Path Financial, LLC® has no control over participating third-party lender credit worthiness eligibility criteria. APR/Interest rates will vary depending on individual lender terms. Generally, all individuals applying for credit must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number/FEIN are required. All loan applications are subject to credit review and approval.

You authorize us to make inquiries and obtain and confirm information about you as we deem appropriate for the purpose of evaluating your eligibility for this extension of credit, including obtaining credit reports, verifying your income, and contacting your employer. You also authorize us to provide identification information about you, and our credit experience information with you to others in accordance with applicable law. Duplicate offers received as a result of multiple mailing to the same person are void, as are multiple acceptances of the same offer. This offer is subject to the expiration date listed on your offer letter.

*Annual Percentage Rate. Not all borrowers will qualify for the same rate when a rate is listed “as low as”. Qualifying for rates listed “as low as” are based on the borrower’s credit worthiness, which includes factors such as debt ratio and credit history. Interest rates will vary and are based on lender terms. Ranges from 7.99%-36%. All loans may be subject to origination fees ranging from 1% – 5%, of the loan amount, if permitted under applicable state law. For detailed information concerning Simple Path Financial, LLC.’s licensing information please visit www.simplepathfinancial.com/rates-terms-and-licenses.

We will never discriminate on the basis of race, color, religion, sex, marital status, national origin or ancestry.

NMLS #1570007

*Para ver informacion importante sobre terminos y condiciones en Español, por favor presione aqui.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT