No Result
View All Result
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
  • Home
  • Business
  • Marketing
  • Finance
  • Home and Garden
  • Education and Career
  • Fashion and Beauty
  • Health
  • Tech
No Result
View All Result
No Result
View All Result
Home Finance

Pandemic-Focused Reform on Personal Loan Industry

by Wilfred Shah
in Finance
0
0
SHARES
89
VIEWS
Share on FacebookShare on Twitter

Adaptation – the perfect word to describe how communities, governments and businesses are handling the current COVID-19 pandemic. We are having to change processes in all walks of life, and the personal loan industry is no different.

With just over 80% of the worldwide workforce affected by the outbreak, it is only natural that families will be financially struggling.

If you were planning to apply for credit, you may be wondering how COVID-19 has affected the industry and what personal loan you can get. The specifics may change between countries and finance companies, but there are some common changes you can be almost sure of.

Shortening Loan Periods

With the immediate future of jobs and incomes as vulnerable as they have ever been, many personal loan companies and banks are not offering long-term repayment plans. For example, Online lender Wonga is no longer offering six-month loans – but they are still offering loan periods up to three months.

Reducing loan repayment periods will prevent people from entering into payment plans they may not be able to stick to, in the event that their income is reduced in the coming months – because of COVID-19.

Changes to Proof of Income

Personal loan companies need to be more cautious when offering loans, hence what was mentioned above, but it also means they need to implement stronger verification measures. This means being more meticulous when assessing a credit applicant’s income.

For example, you may not be able to use your bank statement as proof of income any longer. Instead you may need to provide your latest payslips. The reasons for this is to make sure repayments are feasible and to keep those seeking loans safe.

What If You Already Have a Personal Loan?

If you already took out a personal loan before the virus outbreak, you may be wondering what to do. If you are struggling to repay your current loans because of loss of income, it is best to speak directly with your creditor.

Many creditors recognize the economic difficulty during the current period and are helping their customers to make changes to their payment plans. What can be done will depend on your circumstances and your personal loan provider.

To ease financial pressure and help pay back outstanding loans, you may also want to reduce your outgoings. You may be able to do this by:

  • Seeking COVID-19 financial support
  • Speaking with your mortgage provider or landlord for a payment holiday
  • Asking utility providers if support is available
  • Adopt the best money saving tips

The Key Takeaway? Communication

If you are planning on applying for a personal loan soon, remember that your options may now be limited, and you may need to provide more in-depth proof of income.

Moreover, communication is the best way to approach your finances in the current period. It can help reduce your outgoings and adapt payment plans for current loans not paid off.

Previous Post

5 Tools that are Must-Have for Real Estate Marketing

Next Post

Do I Really Need Health Insurance?

Wilfred Shah

Wilfred Shah

Senior Editor

Next Post
Do I Really Need Health Insurance?

Do I Really Need Health Insurance?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

The Value of In-House Development: Explore the Advantages and Drawbacks of Developing Technology Solutions In-House

The Value of In-House Development: Explore the Advantages and Drawbacks of Developing Technology Solutions In-House

2 days ago
Why KwaZulu-Natal’s South Coast Is the Smart Choice for a Beach Holiday

Why KwaZulu-Natal’s South Coast Is the Smart Choice for a Beach Holiday

2 days ago
What Is the Best Way to Organize Your Space?

What Is the Best Way to Organize Your Space?

2 days ago
Why Do You Need a Top Sales Recruiting Agency?

Why Do You Need a Top Sales Recruiting Agency?

3 days ago
Financial Tips For Businesses In 2025

Financial Tips For Businesses In 2025

5 days ago
What Modern Buyers Are Really Looking For in a New Home

What Modern Buyers Are Really Looking For in a New Home

6 days ago
Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

Learn How To Buy House In OAE Without Law Issues and get OAE loans for it

4 years ago
Real Estate Remains the Best Investment

Real Estate Investment: 3 Top Tips

4 years ago

Get Blogo is a web magazine platform. Our aim is to provide trending information. So that, our readers get benefited from this website. Our team is here to provide the latest news and information on different topics.

Category

  • Animals
  • Apps & Software
  • Automotive
  • Biography
  • Business
  • Celebrity
  • Education and Career
  • Electronic & Gadgets
  • Entertainment
  • Fashion and Beauty
  • Finance
  • Fitness
  • Food and Recipes
  • Gaming
  • Health
  • Home and Garden
  • Instagram
  • Jobs and Services
  • Law
  • Lifestyle
  • Love and Relationship
  • Marketing
  • Miscellaneous
  • News & Politics
  • Nursing
  • Outdoor
  • Parents and Children
  • Politics
  • Real Estate
  • Reddit
  • Social Media
  • Sports
  • Tech
  • Tips and Tricks
  • Travel
  • TV Shows
  • Writing
  • Trending
  • Comments
  • Latest
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

March 7, 2023
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

July 15, 2024
Catherine Southon Wikipedia, Cancer, Husband and Children

Catherine Southon Wikipedia, Cancer, Husband and Children

0
Drew Pritchard Wikipedia – Wife, Divorce and Antique

Drew Pritchard Wikipedia – Wife, Divorce and Antique

0
The Value of In-House Development: Explore the Advantages and Drawbacks of Developing Technology Solutions In-House

The Value of In-House Development: Explore the Advantages and Drawbacks of Developing Technology Solutions In-House

July 4, 2025
Why KwaZulu-Natal’s South Coast Is the Smart Choice for a Beach Holiday

Why KwaZulu-Natal’s South Coast Is the Smart Choice for a Beach Holiday

July 4, 2025
  • About
  • Team
  • Privacy Policy
  • Editorial Policy
  • Terms & Conditions
  • Contact

Copyright © 2025, Get Blogo

No Result
View All Result
  • About
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Get Blogo – Web Magazine
  • Home 4
  • Home 5
  • Privacy Policy
  • Team
  • Terms And Conditions

Copyright © 2025, Get Blogo