Coronavirus: What some personal loan lenders are doing for debt relief

Stylized woman considers options for personal loan and debt relief Image: Stylized woman considers options for personal loan and debt relief

In a Nutshell

If your finances have been affected by COVID-19, your personal loan lender may offer payment or debt relief, such as waived fees or deferred payments. We’ve collected information from many major lenders so you can find out what help they might be offering and how to get it.

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As the coronavirus pandemic spreads, a number of personal loan lenders are offering resources to help their customers during this unprecedented time.

If you need that relief, we’ve compiled a list of popular personal loan lenders and detailed what relief they are offering — if any — along with related eligibility requirements where that info is available. Look for your loan issuer from the list below.

Worried about loan default? Be proactive if possible and contact your lender before you miss a payment. Your lender may be able to work with you so you can avoid fees, dinged credit, collections or other legal action.

Best Egg

What it’s offering: Best Egg may offer help to affected borrowers. The lender encourages customers to log in to their accounts to see potential relief options.

Eligibility: Best Egg doesn’t say it guarantees relief. But it asks borrowers to fill out a survey to update the company on how they’re doing, and it also suggests affected customers send an email with a short explanation of their hardship or log into their Best Egg account portal to chat with a loan specialist.


What it’s offering: Eloan customers who are current or less than 90 days past due as of March 12, 2020, may qualify for three months of payment forbearance. To opt in to the COVID-19 Emergency Assistance Program, call 855-854-939.

Eligibility: If your personal loan is 90 days or more past due as of March 12, 2020, you are not eligible for the COVID-19 Emergency Assistance Program but may be eligible for other payment alternatives through the “Loss Mitigation Program.”


What it’s offering: HSBC says it can help borrowers with financial hardship through assistance programs that can include waiving late payment fees 180 days from the time you enroll, and extension of your personal loan maturity date.

Eligibility: HSBC recommends customers reach out to a relationship manager, contact the company via chat or call customer support to find out which assistance programs they may be eligible for.


What it’s offering: LendingClub members may receive a 15-day grace period to make payments without any penalties. Eligible borrowers, who can apply for a hardship plan online, may be allowed to skip payments for up to two months.

Eligibility: If you can’t make your monthly payments, call LendingClub or log in to your member center to chat about your potential options. The lender notes its call and email volumes may be higher than normal.

Marcus by Goldman Sachs

What it’s offering: Marcus by Goldman Sachs is offering help through its customer assistance program, which gives borrowers the chance to defer a payment for one month without any interest charges (and extend their loan by a month).

Eligibility: Marcus by Goldman Sachs doesn’t go into detail about eligibility requirements for coronavirus relief. Instead, the company encourages you to log into your account and request a deferral.

Mariner Finance

What it’s offering: Mariner Finance encourages anyone who has been affected by the coronavirus to contact a local branch directly to discuss options.

Eligibility: Mariner doesn’t mention on its website who’s eligible for payment relief, so you’ll need to reach out to a Mariner Finance branch for more information.

What it’s offering: Navy Federal Credit Union is offering several options to assist eligible members who may need help. Eligible members have access to loan extensions, deferred payments and a pandemic relief loan.

Eligibility: Navy Federal Credit Union doesn’t mention eligibility requirements, so it’s best to reach out to the lender directly.


What it’s offering: NetCredit added a list of questions about the coronavirus to its FAQ page, noting that affected customers can adjust their due dates or apply to refinance their loans to reduce their payments. Separately, the lender also states that while it can let TransUnion and Experian know about those who have been affected by the pandemic, customers will need to reach out to the bureaus directly to find out how late payments may affect their credit.

Eligibility: If you can’t make your payments on time, NetCredit asks that you call or email the company to find out about any options that may be available to you.

OneMain Financial

What it’s offering: OneMain Financial is providing assistance to borrowers but doesn’t get into the details of what that entails. If you are experiencing financial trouble because of COVID-19, call your local branch during business hours to go over options.

Eligibility: Call your local branch with any questions about your situation or options you might have.


What it’s offering: Oportun is offering customers impacted by COVID-19 flexible payment options, including reduced payments and deferrals to help protect customers’ credit scores. Note that any existing past due status will continue to be reported. Also, finance charges will continue to accrue during enrollment in the hardship program.

Eligibility: Oportun is asking customers facing financial hardship to call or text 650-419-5779, or email to apply for payment assistance.


What it’s offering: OppLoans’ COVID-19 information page addresses customers who might not be able to make a regular payment because of COVID-19. Customers affected by COVID-19 can call 800-990-9130 for assistance.

Eligibility: We recommend checking the website for updates and calling to find out about any options that may be available to you.


What it’s offering: Payoff’s member assistance page indicates it has programs to help members affected by the coronavirus — but the lender doesn’t give specifics.

Eligibility: There’s no mention of eligibility requirements, so If you’re dealing with financial hardship because of the pandemic, contact Payoff by phone, email or live chat on its website.


What it’s offering: PNC is offering hardship relief options, including payment assistance for customers experiencing COVID-related hardship. Customers can suspend automated payments and apply for a postponement using PNC’s hardship form.

Eligibility: If the pandemic has left you in a difficult financial situation, customers can apply for payment assistance by using PNC’s hardship application form or call PNC to learn about other solutions that might be available.


What it’s offering: If you’re experiencing financial difficulties because of the coronavirus, Prosper recommends reaching out for assistance by phone or by email. It doesn’t mention specific relief measures but does have a complementary 15-day grace period for all borrowers for late payments before fees are assessed.

Eligibility: The lender doesn’t go into eligibility for relief, but recommends that you reach out to learn more by calling 1-800-843-1662 or sending an email to


What it’s offering: If you’re having difficulty making payments on your loan, Regions urges you to call 1-866-298-1113 to discuss options for loan payment relief. Customers also can sign up for email or phone updates related to COVID-19 in their online banking portal.

Eligibility: Regions doesn’t go into detail about eligibility requirements — and the lender has disclaimers at the bottom of its coronavirus page noting that relief measures are at Regions’ sole discretion. Reach out to your local branch for more information.

Regional Finance

What it’s offering:  If you’re dealing with financial hardship, Regional Finance has programs for you to renew your loan or postpone or reduce your payments.

Eligibility: Regional Finance doesn’t go into detail about eligibility requirements. The lender encourages borrowers to call (888) 636-3535 to discuss options.


What it’s offering: SoFi says customers who have been financially affected by the coronavirus pandemic should reach out to the lender to discuss potential options, which include payment forbearance for 30 days and possible extensions. 

Eligibility: If you want to request a personal loan modification, you’ll need to log into your online account and fill out a form. You can email the lender or chat with a representative online for more information — or you can call, but SoFi warns there may be longer wait times because of high call volume.


What it’s offering: TD Bank is offering some options for relief, including waiving fees or reviewing options to delay payments.  

Eligibility: TD Bank does not provide details on eligibility requirements for potential relief. But you can go here to apply for relief through TD Cares.

Other issuers

This list does not cover every personal loan lender, so yours might not be included. If you’re worried about being able to make your loan payments and aren’t sure if your lender will help, we recommend checking your lender’s website or calling its customer service number to discuss whether it can assist with payment deferrals or refinancing, for example.