Forbearance is a helpful short-term relief option for customers facing temporary financial difficulties and unable to make their regular monthly payments. It allows you to temporarily lower or pause your loan payments for a set period. Please keep in mind that your loan isn’t forgiven, and you will need to resume regular payments once the forbearance period ends.
Although forbearance can provide temporary relief, it is important to understand that it is limited in availability and duration, and should only be used as a last resort. It is always beneficial to explore other options first, before resorting to forbearance. If you can afford to make your regular monthly payment, it is always in your best interest to continue to do so and keep on track with your repayment schedule.
How do I apply for forbearance?
-
You have to contact us to request forbearance. If you’re concerned that you won’t be able to make your scheduled monthly payment, you should contact our team by emailing payments@prodigyfinance.com. It’s always best to contact us before you miss a payment.
- You must complete the required forms and provide documentation of your financial hardship.
- Your forbearance request is subject to an assessment to determine if you are eligible. We will work with you to establish an arrangement based on what you can afford.
- Approval is subject to Prodigy's policies and your specific circumstances.
- There are no fees associated with forbearance.
What forbearance options does Prodigy Finance offer?
- If you are eligible, you may be granted a temporary reduced payment or zero payment arrangement. Interest will continue to accrue during the forbearance period.
- If approved, forbearance will be granted for a limited period. Remember this is a short-term solution. You will be required to resume regular payments when the forbearance ends.
- It is important to note that since your loan term remains the same, your installment would increase slightly when exiting the arrangement period to meet the scheduled repayment term.
Will forbearance affect my credit score?
Prodigy is required to report according to the rules of the relevant credit bureaus in your country of residence. We will report your loan(s) as in forbearance during the arrangement period. This may be visible to other creditors for an extended period after your arrangement comes to an end, and could affect your credit score or limit your ability to obtain new loans or access other credit lines in the future. When you resume your regular repayments on your loan(s), we will report this to the relevant credit bureau, which may improve your credit score over time.