Loan repayment holidays are the new thing around in the new age financial technology markets. These holidays provide the borrower an ideal means to safeguard his or her financial flexibility. In general sense, if you are not in a condition to repay the loan amount as desired and decided under the agreement, you can ask for one or two or three months as repayment holiday. Broker will help you in arranging repayment holidays annually, after discussing your financial circumstances. Remember, it is not a regular arrangement that the broker likes to arrange, or you may wish for.
The Indispensability of Repayment Holidays on Existing Loans
The occurrence of financial upheavals has no time frameworks. Circumstances may change without a wakeup call. Many times such circumstances become out of control, and a breakdown stage is reached. You are not in a situation where the designated loan amount is paid on specific date. In such circumstances repayment holidays become indispensable, and here you need to immediately ask for the guidance of regulated broker. The final call will only come after mutual discussion between the broker and borrower leads to conclusive end.
Downside of Repayment Holidays on Loans
The repayment holiday loan has a downside too, though that’s not really the one you are going to call. With loan holidays you will have to pay high APR, and this APR will continue to build up gradually each month. In totality, you will end up paying more than just what you had ever thought in your faintest dreams.
Amidst everything else, you need to check with the loan adviser whether he is willing to guide you on the instalment loans available in the repayment holidays. The broker will also discuss terms and conditions relevant to repayment breaks. A professionally sound broker never gives repayment holidays a bad experience for his or her customer.