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.



Eloan

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.

LendingClub

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.

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).

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.

NetCredit

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.

Oportun

What it’s offering: Oportun is offering customers impacted by COVID-19 payment options that include reduced payments and deferrals. The lender says it won’t report missed payments as late as long as you contact the company to make arrangements beforehand. Also, finance charges will continue to accrue during enrollment in the hardship program. Oportun asks that customers facing financial hardship call 650-419-5779 or email customercare@Oportun.com.

PNC

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.

Prosper

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. Borrowers who qualify can delay up to four monthly payments, reduce minimum monthly payments for up to six months and extend the term of their loan by up to 11 months as well as getting late and non-sufficient funds fees waived. Even with these options, the material terms of the loan still apply. The lender recommends that you reach out to learn more by calling 1-800-843-1662 or sending an email to covidhelp@prosper.com.

Regions

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. The lender may be able to reduce your payment amount, postpone your payment or offer a loan modification. Customers also can sign up for email or phone updates related to COVID-19 in their online banking portal.

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. The lender encourages borrowers to call (888) 636-3535 to discuss options.

SoFi

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. 

TD

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