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

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

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.

Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors' opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted. Read our Editorial Guidelines to learn more about our team.
Advertiser Disclosure

We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.

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.



Avant

What it’s offering: Avant published a blog post that explains how customers can access their accounts digitally from home. If you are affected by COVID-19 and need assistance, call 1-800-712-5407. Avant doesn’t specify what relief measures may be available.

Eligibility: You’ll have to reach out by phone to Avant with questions about assistance for your situation. Note that Avant is encouraging borrowers to email customer support with any questions or concerns that don’t require immediate attention.

Best Egg

What it’s offering: Best Egg has set up a page with links to its coronavirus payment programs, blog resources and Facebook updates. The company is offering a number of payment options to help affected borrowers, including waived late fees and two-month loan extensions.

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.

Eloan

What it’s offering: 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.”

FreedomPlus

What it’s offering: FreedomPlus is offering a coronavirus resource guide to help those who are struggling financially because of the pandemic. If you have questions about your loan, you can log in to your online portal or reach out to customer service by email or phone.

Eligibility: If you want to inquire about your situation, log into your online portal or contact customer care to connect with someone.

HSBC

What it’s offering: HSBC has a page with its latest updates regarding COVID-19. It includes which bank branches are closed and mentions it can help borrowers with financial hardship through assistance programs.

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.

Integra Credit

What it’s offering: Integra Credit doesn’t offer information on its website about helping customers affected by the coronavirus crisis.

Eligibility: Check back at Integra’s website often for any updates and call Integra Credit to ask about any possible assistance.

LendingClub

What it’s offering: LendingClub’s COVID-19 response offers information about how it may help members who are struggling financially because of the pandemic. Members may receive a 15-day grace period to make payments without any penalties. The company is also waiving late fees through May 31. 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.

LendingPoint

What it’s offering: LendingPoint hasn’t mentioned anything on its website about helping borrowers facing financial hardship caused by COVID-19.

Eligibility: Check LendingPoint’s website frequently — it may add information. If you need help immediately, email or call LendingPoint to discuss your situation.

LendUp

What it’s offering: LendUp created a blog post with resources for anyone affected by the coronavirus, both physically and financially. However, there are no specifics about what it may do to support affected customers.

Eligibility: Check LendUp’s blog page frequently for potential updates — and if you have questions, call or email customer support.​

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: On its COVID-19 payment relief webpage, Mariner Finance encourages anyone who has been affected by the coronavirus to contact their 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.

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.

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’s COVID-19 page encourages borrowers to make payments online or via the mobile app. OneMain Financial says it’s 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.

Oportun

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. It’s also updating its resources page daily with helpful information including who’s hiring, what you need to know about the stimulus package and where to go for government resources and financial coaching. 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 customercare@Oportun.com to apply for payment assistance.

OppLoans

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.

Payoff

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.

Personify

What it’s offering: Personify issued a statement regarding coronavirus, but it doesn’t specify whether it plans to help customers who have been affected by the coronavirus.

Eligibility: Check the website regularly for updates and call Personify to discuss any potential options.

PNC

What it’s offering: PNC posted a coronavirus message for its customers, recommending they use digital tools and enroll in online or mobile banking if they haven’t already. PNC also says it’s offering hardship relief options, including payment assistance. Under payment assistance, 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.

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. It does not mention the specific relief measures it is offering.

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 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. 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: Regional Finance’s COVID-19 update states that it has designed programs to help you change your loan terms, postpone or reduce your payments, or help you consolidate your debts if you’re dealing with financial hardship. The lender also continues to serve customers in person, but only by appointment to limit the number of people in a branch at once.

Eligibility: Regional Finance doesn’t go into detail about eligibility requirements. To discuss your options, contact the lender.

Rise

What it’s offering: Rise has an updates page that mentions the coronavirus situation, but there’s no information about potential relief for customers. The lender is encouraging customers to manage their accounts online.

Eligibility: Check the website frequently for any updates. And be aware that you may have a bit of a wait to connect with someone about your situation by phone — Rise warns that call volumes for customer support are higher than usual.

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. 

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.

TD

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.

Upgrade

What it’s offering: Upgrade doesn’t mention anything on its website about COVID-19 or any help it may be offering to customers dealing with financial hardship during the crisis.

Eligibility: To find out if you qualify for any sort of special assistance with your loan payments, call Upgrade or email support.

Upstart

What it’s offering: Upstart has created a hardship program so those affected by the coronavirus can immediately skip up to two monthly payments without incurring interest or late payment fees during that time.

Eligibility: To apply, borrowers need to complete a hardship assistance request form that may be found by logging into their account or by contacting Upstart’s support team.

U.S. Bank

What it’s offering: If you’ve been financially impacted by COVID-19 and need help, U.S. Bank has customized solutions available. This includes temporary adjustments to certain consumer products and services to make them more affordable and accessible to existing customers.

Eligibility: U.S. Bank doesn’t go into detail about eligibility requirements. To discuss your options, contact the lender.

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.