If your financial situation has been impacted, we can help.

Here are some useful resources to manage your loan:

  • For any changes to your existing loan account, current loan details or advice please reach out to one of our customer service team members by email at info@generalbank.ca or by phone at 1-877-443-5620 extension 2.
  • For loan payment deferral inquiries, please see the detailed information below.

 

Loan Payment Deferrals

If you are experiencing financial hardship, and would like to request a loan payment deferral, please note that an approval is contingent on a review of your financial situation, including pulling an updated credit bureau report.

A payment deferral is not payment forgiveness. You will be required to make up the deferred payments by extending the life of your contract beyond its original expiry date.

Interest continues to accrue during the deferral period. The accrued interest is added to your loan balance, and while the interest rate does not change, your overall cost of borrowing will increase. We will provide you with a new Cost of Borrowing Disclosure statement detailing the increase in overall interest cost.

Payment Deferral Request Form

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Loan Payment Deferral Frequently Asked Questions

1.  How does a payment deferral work?

The payments that are being deferred are moved to the end of your loan. The interest on the deferred payments is added to the current balance of your loan.  When you reach the original expiry date of your loan, you will still owe these deferred payments at that time.

2.  Is there a fee to defer payments?

No, there are no fees, and your interest rate does not change.

3.  Will my interest rate increase?

Although your interest rate does not change, you overall cost of borrowing will increase, due to the fact that your now taking longer to pay down the loan in full. We will provide you with a new Cost of Borrowing Disclosure statement indicating the increase.

4.  What happens once the deferral period has ended?

At the end of the deferral period, your regular payments will automatically start in the same method they were taken prior to deferral.

5.  Will a payment deferral impact my credit scores?

No, there should be no impact to your credit score.

 

Information Update regarding COVID-19 Relief Program

While our official COVID-19 relief program has ended, rest assured that we will continue to work closely with you to provide the advice you need on an individualized basis.

Many customers are still facing financial challenges due to the economic impacts of COVID-19.  If you are one of these customers, please review our loan payment deferral information above and use the request form to make your request.

 

Other resources related to COVID-19

We encourage you to visit the Government of Canada Website:  www.canada.ca for information on COVID-19 related assistance.