Non-bank loans with credit vacation option

Loan holidays are most often associated with mortgage loans, i.e. large liabilities that are repaid for many years.

Holders of the abovementioned loans for a housing request a break in repayment when their household budget will be charged with large expenses (e.g. due to illness). Installers with cash loans can also use the option of postponing the installment.

Check which loan companies agree to a break in monthly payments.

It is worth realizing that it is also possible to rest from installments in selected non-bank loans. We decided to thoroughly check which loan companies agree to a break in monthly payments.

Installment holidays are still not particularly popular when it comes to non-bank loans. Nevertheless, two market leaders have already introduced such a solution to their offer.

I am talking about Good Credit and Honest Bank. It is worth knowing that the second of these lenders also conducts business activities under the Good Finance brand.

The table below presents the rules for deferring installments in Good Credit, Honest Bank, Secure Loans, and Cash Sports loans.

Detailed information on the above non-bank loans:

1. Good Credit – the lender allows you to defer repayment or reduce the installment by half. In some cases, the customer only needs to provide a copy of their ID card and proof of address (e.g., electricity invoice). Regular and reliable customers can borrow funds on the basis of their ID cards alone.
2. Secure Loans – the customer can postpone the loan repayment date if the loan period is over 6 months (postponed to once 4 times). You can also choose the repayment day. A loan for persons over 18 years of age. The loan can be repaid 2 months after it was granted. It is possible to withdraw cash at the Good Finance office.
3. Honest Bank – the customer may postpone the repayment date of the loan if the loan period is at least 6 months (postponed to once 4 times). You can also choose the repayment day. A loan for persons over 18 years of age.
4. Cash Sport – the loan repayment can be deferred by 30 days after paying the commission (up to 4.66% of the debt). The first loan is worth up to USD 500 and the repayment period is up to 60 days. The lender does not require income statements. The loan can be paid out within 15 minutes. A loan for persons aged 21 – 75 years.

The first of these lenders (Good Credit), as part of a special package, offers the possibility of completely postponing the installment or reducing it by half. The latter option is recommended for people who have not completely lost their ability to pay installments.

A different system applies to Honest Bank (Self Service Loan) and Secured Loans).

A person choosing a Self-service Loan or Secure Loan for a period longer than six / seven months may postpone the installment for one month. The number of such possible installment holidays in Secure Loans is as follows:

1 shift of a monthly installment – for a repayment period of 7 months to 11 months
2 shifts of the monthly installment – for a repayment period from 12 months to 17 months
3 shifts of the monthly installment – for a repayment period of 18 months to 23 months
4 shifts of monthly installment – for a repayment period from 24 months to 36 months

The number of available repayment shifts in the Self Service Loan is presented below:

1 postponement of the monthly installment – for a repayment period of six months to 11 months
2 shifts of the monthly installment – for a repayment period from 12 months to 17 months
3 shifts of the monthly installment – for a repayment period of 18 months to 23 months
4 shifts of the monthly installment – for the repayment period from 24 months

It is worth mentioning that in the case of a Self Service Loan from Honest Bank and Secure Loans, subsequent installment shifts cannot be made directly after each other.

Cash Sport provides different rules of relief from the monthly installment. The customers of this lender can postpone repayment by 30 days after paying the appropriate commission (up to 4.66% of the current debt).

Installments must always be used with caution

The prospect of resting from the monthly loan installment may certainly seem tempting to people burdened with sudden and temporary expenses.

Installment holidays certainly have no sense in the case of customers who have lost their ability to pay debts in the long term (e.g. due to a serious illness). Such persons should negotiate individual repayment rules with creditors, as postponing installments, e.g. for a month, will not improve their situation.

Regardless of the reason for using the interruption in loan installments, it is first necessary to check the costs of the described solution.

It is worth remembering that the postponement of the installment will be payable even if the lender does not charge any separate commission for this.

The additional cost of installment holidays is simply related to a longer interest rate on unpaid debt.
Learn more about the possibility of extending short-term moments »