Coronavirus: Personal loan payment holiday

As of 1 April 2021, we are no longer accepting new applications for personal loan payment holidays.

However, if you’re already on a payment holiday and you need more support, you can apply for an extension.

As long as you are currently on a payment holiday, you’ll be able to extend it up until 31 July 2021.

This is as long as:

• it doesn’t go over the 6-month payment holiday limit, and
• there are no gaps between the payment holidays.

If you’ve already had 6 months of support, you can’t apply for a payment holiday extension.

If you still need help, find out what you can do after your payment holiday ends.

All payment holidays must end by 31 July 2021.

You can apply for a personal loan payment holiday extension if:

• Your finances have been affected by coronavirus – for example, you can’t work due to self-isolation, or new childcare responsibilities.
• You’re up-to-date with your monthly loan payments. If you’re already behind on your personal loan payments, our money worries page can help.
• Both loan holders agree to doing so, if this is a joint loan.
• The support doesn’t go over the 6-month payment holiday limit, and
• There are no gaps between the payment holidays.

If you want to benefit from the full 3 months of available support, you should apply 7 working days before your May 2021 payment is due.

If you haven't taken a payment holiday or are not eligible to apply and need help with your personal loan payments, visit our If you need support with your loan payments section.

Although a payment holiday extension won’t affect your credit rating, lenders may look at other information (for example, information provided by you, or bank account information) when they decide whether to lend to you in the future.

It’s important to understand that interest will continue to build at your usual rate during the holiday.

This means that the total amount of interest you’ll pay back will increase.

To give you an idea of how your payments may rise after taking 3 months off.

Please note:

• These examples assume that the original loan is refinanced at the same interest rate, that the remaining term is extended by 3 months, and that these are the payments under the new loan.
• Examples are illustrative only and may depend on when your payment holiday starts.
• Actual costs will depend on your individual circumstances.

Things to consider before applying, to make sure a personal loan payment holiday extension is right for you:

• We’ll continue to charge interest on your loan at your normal rate during the payment holiday extension.
• At the end of your payment holiday extension, we will write to you about how to start repaying your loan again. You will have the option to amend your loan term and your payments will be recalculated. You may see an increase in your monthly payments due to the interest added during your payment extension.

Help is still available if you aren’t able to make your payments. The first step is to provide us with more detail about your financial situation.