{"id":2166,"date":"2026-02-12T14:55:30","date_gmt":"2026-02-12T14:55:30","guid":{"rendered":"https:\/\/foreignnewstoday.com\/?p=2166"},"modified":"2026-02-12T14:55:30","modified_gmt":"2026-02-12T14:55:30","slug":"how-to-temporarily-pause-your-payments","status":"publish","type":"post","link":"https:\/\/foreignnewstoday.com\/?p=2166","title":{"rendered":"How to temporarily pause your payments"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->For now, your finances are on track. The credit card bills are manageable. Your loan payment fits the budget. But then something shifts: Your hours get cut, or your company announces layoffs. Maybe your car breaks down and the repair wipes out your emergency fund.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->For millions of Americans living paycheck to paycheck \u2014 about 40%, according to a 2025 Goldman Sachs study \u2014 it doesn\u2019t take much to throw things off balance. One missed shift or unexpected expense can make it impossible to keep up with monthly payments.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->If you can\u2019t afford your personal loan payments, you may be eligible for a deferment. Learn how personal loan deferments work, and what other options may be available if you need some financial relief.<!-- HTML_TAG_END --><\/p>\n<p> <iframe loading=\"lazy\" title=\"CDS Widget\" src=\"https:\/\/templates.cds.yahoo.com\/remote\/widget?campaignId=4ec2331a-fbb0-4230-81e2-d38f75a95135&amp;lineItemId=43b6add3-8910-4936-a880-b3699e18c8a6&amp;contentId=69a04e04-f1a8-41f5-af04-475ff3e8e3ae&amp;viewId=h4S9OWxobsss4RwAY3rmjw&amp;providerId=yahoo_personal_finance_397&amp;site=finance&amp;spaceId=1183300100&amp;commerceSiteId=us-finance-pnr\" scrolling=\"no\" height=\"480\" data-testid=\"iframe-with-resizer\" class=\"yf-16wd5dt\"><\/iframe> <\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->With a personal loan deferment, the lender agrees to allow you to pause your payments for a short period. During this time, which usually lasts one to three months, you don&#8217;t have to make any payments. Interest continues to accrue, and the months deferred are added to the end of your repayment term.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->The payment pause gives you some time to get back on your feet. During the deferment, you can better your finances by searching for a new job, downsizing your home, getting a roommate, or <a data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/banking\/article\/how-to-budget-155036756.html\" data-ylk=\"slk:overhauling your budget;cpos:1;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">overhauling your budget<\/a>.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Once the deferment ends, your normal payments will resume.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><em>Related: <\/em><a data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/credit-cards\/article\/can-you-pause-credit-card-payments-183228901.html\" data-ylk=\"slk:Can you pause credit card payments?;cpos:2;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\"><em>Can you pause credit card payments?<\/em><\/a><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->A personal loan deferment can give you some breathing room in your budget when you&#8217;re dealing with a temporary financial setback. But, there are some downsides to keep in mind:<!-- HTML_TAG_END --><\/p>\n<ul class=\"yf-h8k6hx\">\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Provides temporary relief: <\/strong>Worrying about payment due dates when your budget is stretched thin can be stressful. By deferring your loans, you have time to get your finances in order.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Allows you to focus on other priorities: <\/strong>Without the loan payment, you can focus on other financial priorities, like your rent or utility bills.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Protects your credit: <\/strong><a data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/credit-cards\/article\/what-happens-if-you-miss-a-credit-card-payment-133408532.html\" data-ylk=\"slk:Missing a payment;cpos:3;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">Missing a payment<\/a> can significantly damage your credit. If you defer your payments, there&#8217;s no damage to your credit since your lender agrees to the postponement.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<\/ul>\n<ul class=\"yf-h8k6hx\">\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Interest continues to accrue:<\/strong> While the loan is in deferment, interest typically accrues even though you aren&#8217;t making payments. Your balance will grow, and you\u2019ll owe more once normal payments resume.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Offers limited help: <\/strong>Deferments are usually short-term options, and you can often only pause your payments for a few months. If you\u2019re facing an extended hardship, a deferment may not be very helpful.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Lenders may not offer it: <\/strong>Not all lenders offer deferments. And, for those that do, eligibility is usually determined on a case-by-case basis.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<\/ul>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><em>Related: <\/em><a data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/bad-loan-recovery-222252790.html\" data-ylk=\"slk:Burned by a bad loan? Here's how to recover.;cpos:4;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\"><em>Burned by a bad loan? Here&#8217;s how to recover.<\/em><\/a><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->If you&#8217;ve weighed your options and decided a deferment is best for you, follow these steps:<!-- HTML_TAG_END --><\/p>\n<ol class=\"yf-h8k6hx\">\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Gather documentation: <\/strong>Save time by collecting the necessary documents in advance. Depending on the lender, you may be asked to submit documentation for your financial hardship. Potential documents to collect include:<!-- HTML_TAG_END --><\/p>\n<\/li>\n<\/ol>\n<ul class=\"yf-h8k6hx\">\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Employment discharge letter or unemployment benefits letter<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Evidence of reduced income, such as recent pay stubs<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Documentation of a disability or long-term illness, such as hospital bills<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Obituary or death certificate of the household wage earner<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Divorce decree or separation agreement<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Repair bills after a natural disaster<!-- HTML_TAG_END --><\/p>\n<\/li>\n<\/ul>\n<ol class=\"yf-h8k6hx\">\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Contact your lender as soon as possible:<\/strong> The sooner you contact your lender, the more options you&#8217;ll have. If your account is in good standing and you haven\u2019t missed a payment yet, the lender is more likely to work with you to find a solution.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Explain your situation: <\/strong>Be candid about what&#8217;s going on and how your finances have been affected.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Ask about all options: <\/strong>Even if you want a deferment, ask about all your options. You may be able to take advantage of other financial relief that provides longer-term results.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Request written confirmation: <\/strong>If you defer your loans, request a written confirmation of the deferment.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Mark down the end of the deferment: <\/strong>Once you&#8217;ve received the written confirmation, make a note and set a calendar reminder for when the deferment ends and when your payments will resume so you won&#8217;t accidentally miss a due date.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<li class=\"yf-h8k6hx\">\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><strong>Develop a repayment plan:<\/strong> Next, create a plan to get your finances in order so you can resume payments once the deferment ends. This may involve credit counseling with a nonprofit agency, selling unused items to pay down debt, or picking up a side gig.<!-- HTML_TAG_END --><\/p>\n<\/li>\n<\/ol>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><em>Related: <\/em><a data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/debt-settlement-pros-and-cons-194741837.html\" data-ylk=\"slk:Debt settlement pros and cons: Is it the right move for you?;cpos:5;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\"><em>Debt settlement pros and cons: Is it the right move for you?<\/em><\/a><!-- HTML_TAG_END --><\/p>\n<p> <iframe loading=\"lazy\" title=\"CDS Widget\" src=\"https:\/\/templates.cds.yahoo.com\/remote\/widget?campaignId=240603a4-a00c-4b58-8b65-754bd3ac9778&amp;lineItemId=3fc8bf25-a7b5-4a97-9ff6-83b328e200cf&amp;contentId=69a04e04-f1a8-41f5-af04-475ff3e8e3ae&amp;viewId=h4S9OWxobsss4RwAY3rmjw&amp;providerId=yahoo_personal_finance_397&amp;site=finance&amp;spaceId=1183300100&amp;commerceSiteId=us-finance-pnr\" scrolling=\"no\" height=\"480\" data-testid=\"iframe-with-resizer\" class=\"yf-16wd5dt\"><\/iframe> <\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Depending on your lender, you may have other options for managing your personal loan besides a deferment. Common financial relief programs include:<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Some lenders have an interest-only payment plan. With this option, you make payments that cover only the loan&#8217;s interest for a limited period. Your payments are significantly reduced, but your smaller payments prevent the loan balance from growing due to interest, like it would with a deferment.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->An interest-only plan is usually for a longer period than a deferment, so you may be able to make a smaller payment for three to six months.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->If your financial hardship is more than just a temporary setback and you need long-term help, a loan modification may be an option. With a loan modification, the lender changes the terms of your loan to give you a more manageable payment. For example, you may be able to <a data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/choose-personal-loan-term-length-155219556.html\" data-ylk=\"slk:extend the loan term;cpos:6;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">extend the loan term<\/a> to get a lower payment, but you will pay more interest over time.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->If you haven&#8217;t missed any payments and have good credit, another option is to refinance your personal loan with another lender. If you have strong credit (or a creditworthy co-signer), you may be able to qualify for a new loan with lower rates or different terms, thereby reducing your payments.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START --><em>Related: <\/em><a data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/can-i-cancel-a-personal-loan-after-signing-215928771.html\" data-ylk=\"slk:Can you cancel a personal loan? Here's when it might be possible.;cpos:7;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\"><em>Can you cancel a personal loan? Here&#8217;s when it might be possible.<\/em><\/a><!-- HTML_TAG_END --><\/p>\n<figure data-testid=\"article-figure-image\" class=\"yf-1ems0tc\">\n<div class=\"image-container yf-lglytj\" style=\"--max-height: 247px;\">\n<div class=\"image-wrapper yf-lglytj\" style=\"--aspect-ratio: 960 \/ 247; --img-max-width: 960px;\"><a href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/best-personal-loans-202034980.html\" target=\"_blank\" rel=\"noopener noreferrer\"><\/a><\/div>\n<\/div>\n<\/figure>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->As long as the lender has agreed to it, a loan deferment doesn&#8217;t affect your credit score. The only way your credit would be damaged is if you miss your scheduled payments.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Eligibility requirements vary by lender, but you may be eligible for a loan deferment if you\u2019ve suffered a significant financial setback. This could include situations such as losing your job, having your hours reduced, owing a <a data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/how-to-pay-medical-bills-222938084.html\" data-ylk=\"slk:major medical bill;cpos:8;pos:1;elm:context_link;itc:0;sec:content-canvas;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link  yahoo-link\">major medical bill<\/a>, or having your home damaged in a natural disaster.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-vbsvxt\"><!-- HTML_TAG_START -->Your lender may offer other options, such as interest-only payments or a loan modification. If those aren&#8217;t options, another path forward is to talk to a debt counselor from a nonprofit credit counseling agency; <a data-i13n=\"cpos:9;pos:1\" href=\"http:\/\/nfcc.org\/\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:NFCC.org;cpos:9;pos:1;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">NFCC.org<\/a> is an excellent resource.<!-- HTML_TAG_END --><\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/personal-loan-deferment-144540238.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For now, your finances are on track. The credit card bills are manageable. Your loan payment fits the budget. But then something shifts: Your hours get&hellip;<\/p>\n","protected":false},"author":1,"featured_media":2167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-2166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-finance"],"_links":{"self":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/posts\/2166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2166"}],"version-history":[{"count":0,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/posts\/2166\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=\/wp\/v2\/media\/2167"}],"wp:attachment":[{"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/foreignnewstoday.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}