Loan Hardship Relief Programs: What They Are and How They Work
Life happens, financial situations change — and sometimes the bills you previously breezed through each month become difficult to cover as a result. Fortunately, even if you’re unable to pay one or several bills due to life circumstances, you don’t have to sit back and risk lenders sending your accounts to collections. You have options for getting your bills paid — just in a different way than you normally might do so.
Lenders are just as keen to receive your payments as you probably are to make them — and they’ll accept payments in various ways, depending on your situation. That’s one reason why many lenders offer hardship programs. These programs allow borrowers to apply for assistance, and the lender and the borrower work together to find a solution that keeps the borrower from defaulting on their loan. If this kind of program could be helpful to you, learn more about how loan hardship relief works and what you can expect, based on the type of loan you need assistance with.