Payment Holiday
Certain lenders will offer you special deals for various circumstances such as a fixed rate for certain period of time, or a discounted rate or in this case, a payment holiday. A payment holiday enables you to choose not to repay the loan for a pre-agreed period of time.
There are very obvious reasons why the companies can do this: a payment holiday scarcely affects the total repayments but just delays the finish date for a while, it helps to attract customers to the product away from rivals who do not offer it, plus it generates goodwill since there are always times when you need to divert funds to pay for something urgent, repairs or a wedding, say.
If you can, you should always go for a product that allows you leeway such as a payment holiday. These are known in general as flexible loans.
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