- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Credit Cards
- Lending Services
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Security & Fraud Alerts
- Privacy Notice
- Schedule an Appointment
Deferment Period
A specified time during which loan payments are temporarily suspended or reduced.
More Details
A deferment period is a period of time during which a borrower is not required to make payments on a loan. Deferment is often granted to borrowers who are experiencing financial hardship, such as unemployment, economic hardship, military service, or returning to school.
Example
If you experience financial hardship as a result of a pandemic, you may be able to secure a deferment on student loan payments. Once the deferment period is approved, you can stop making payments for the approved amount of time. Payments will resume after this period ends.
Related Terms
Credit Score
A numerical representation of an individual's creditworthiness, used by lenders to determine the likelihood of repayment.
Lender
A financial institution or individual that provides money to a borrower with the expectation of being repaid, often with interest.
Home Equity Loan
A type of loan in which a homeowner borrows against the equity in their property, typically at a fixed interest rate and for a fixed term.

Previous Menu

-jpg.jpeg?width=312&height=170&name=04_09_26_auto_loan_header%20(2)-jpg.jpeg)




