Deferred Loans / Payment Holidays
A deferred loan is a kind of loan where the repayments don't start straight away. You're given a few months to get your finances in order before starting with the monthly repayments. Loans with this kind of delayed repayments are especially popular with people who are consolidating their debts, as the deferment period gives some breathing space for people who's finances have become overstretched.
A closely related idea is that of the payment holiday. Loans with this feature allow you to temporarily pause repayments at a time of your choosing - for example in January when the festive credit card bills arrive, or in summer to give you some extra cash for a holiday.
It's important to bear in mind though that with both deferred loans and payment holidays, you'll still be being charged interest during the time you're not making repayments, and so the amount you owe will actually be rising.
Deferred loans are available in both unsecured and secured formats, while payment holiday loans are most commonly unsecured only.
Unsecured Deferred Loans:
| British Gas | 6.2% | 3 months | ||
| Sainsbury's Loans | 7.3% | 3 months | Get a cheque inside 24 hours | |
| Intelligent Finance | 7.4% | 3 months | Get a cheque in 24 hours (optional) | |
| Liverpool Victoria | 7.9% | 3 months | ||
| Norwich Union | 7.9% | 3 months | ||
| Britannia Loans | 7.9% | 3 months | ||
| Halifax Loans | 8.1% | 3 months | ||
| The AA | 8.1% | 3 months | ||
| Bank of Scotland | 8.1% | 3 months | Get cash in less than 3 days, with a 3 month payment holiday | |
| Marks and Spencer Loans | 8.9% | 3 months | Put your plans into action with a low rate personal loan | More Info >>> |
| Egg Loans | 9.9% | Up to 3 months in any 12 month period | ||
| Post Office Loans | 7.9% | Up to 2 payment holidays a year | ||
| Tesco Finance | 7.9% | 2 months |
Secured Deferred Loans:
| My Sort of Loan | 10.9% | 6 | ||
| Loan Line | 10.9% | 6 | With nothing to repay for 6 months | |
| E-Loan.co.uk | 11.0% | 6 | ||
| Looking for Loans | 10.4% | 5 | ||
| Loans.co.uk | 11.1% | 5 | More Info >>> | |
| E-Loanshop | 12.6% | 5 | Easily search 100s of homeowner loan offers to get the best deal | More Info >>> |
| Imagine Finance | 10.9% | 4 | More Info >>> | |
| 24 Hour Loan | 11.2% | 3 | ||
| Loans4 | 12.9% | 3 | More Info >>> | |
| First Aid Finance | 10.9% |
