What Are the Three Most Common Reasons for Granting a Loan Deferment?
The granting of a loan deferment can help postpone loan payments for a specific period of time because of personal circumstances that may prevent you from being capable of making a payment. Many lenders require that certain criteria be met before they will grant a deferment on a loan. The most common types of loan deferments are economic hardship deferment, unemployment deferment and military deferment. Although education deferments are popular, they are only used for student loans and cannot be applied toward other debt. Whether you are seeking assistance for car payments, a mortgage, student loans or other debt, it is important to know your options for a loan deferment.
