How to Ask to Defer a Loan Payment

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Occasionally, financial difficulties arise and make it difficult to make payments on loans—from mortgages to car notes to student loans. Creditors don't want to repossess houses or cars, though—it's a lot easier on both ends for you to pay your loan, even if you have to defer a payment or two. The key is keeping in contact with your lender.

Contact your lender to inform the staff about your financial difficulties. Some lenders, depending on the type of loan, may actually have a deferment application for you to fill out—this is especially common in the case of student loans.

Give your lender a specific timetable for making your deferred payments—and for catching back up. The more prepared you are as far as specific dates go, the more likely you are to get your deferment plan approved. Don't give the lender a plan that you can't keep, though.

Make your newly scheduled payments on time, so that your loan can remain in good standing and nothing detrimental appears on your credit report.


  • There are some specific factors that will help you get your deferment plan approved. If you have lost your job but are looking for work, lenders may work with you. Other factors can include short-term disability, military service and pregnancy.