fbpx
  1. News
  2.  → COVID-19 and My Loan FAQs

COVID-19 and My Loan FAQs

Jun 4, 2020 | News

We have compiled some responses to questions you may have in respect to your loan with Finance One during this time of uncertainty. We are here to help you work through this time.

On 11 March 2020, the World Health Organisation declared the outbreak of Coronavirus (COVID-19) to be a pandemic. In order to stop the spread of COVID-19 in Australia, the Federal Government has imposed necessary restrictions that have had a significant impact on the economy and resulted in hardship for many individuals and businesses.

At Finance One, we are here to provide our customers with support during this challenging event. We hope the information below is of help to you.

I have not lost my job yet, but what are my options in terms of my loan repayment commitments with Finance One?

If your financial circumstances have not changed as a result of COVID-19, your loan repayments will remain in accordance with your loan agreement. If you are impacted in the future, you can contact our Customer Care team.

What do I do if my income has been reduced and I can only pay part of my required repayment amount?

If your income, or household income, has been reduced due to the impact of COVID-19, please contact our Customer Care team, who will discuss your situation with you. Depending on your particular circumstances, we may be able to reduce your repayments temporarily for up to four weeks. If your income is still impacted after that time, you simply need to touch base with us again to explore further options.

What do I do if I am unable to make my repayments?

It is important to ensure you are working towards reducing your loan balance. However, we do understand that your financial circumstances may have changed as a result of COVID-19. If so, contact our Customer Care team, who will discuss your situation with you. Depending on your particular circumstances, we may be able to reduce your repayments temporarily for up to four weeks.

Will reducing or suspending my loan repayments impact my credit history?

Customers who are granted a reduction, or suspension, on loan repayments will not have their credit rating affected as a result of the agreed payment variations due to COVID-19.

How do I apply for financial hardship?

If you are experiencing financial hardship due to an unforeseen change in your circumstances, contact us as soon as reasonably possible. Our Hardship team can be contacted by e-mail at [email protected] You can also download our Hardship Application form.pdf.

Why isn’t Finance One offering the same six-month loan repayment deferment as the banks?

Finance One is unable to offer a six-month loan repayment deferment like the banks as it operates under a different funding model.

Support links

The below links may provide further assistance:

Share this article

WRITTEN BY

WRITTEN BY

Makala Elliott

Makala is the Marketing Manager at Finance One. She has worked in the Finance and Lending industry for over 10 years, gathering a wealth of experience. She is passionate about helping Australians get back on track with their finances by passing on her knowledge.

Related articles

Say HELLO to our new logo!
News

Say HELLO to our new logo

We are proud to announce that after 11 years, Finance One has a new look. We assure you we are the same friendly, compassionate team striving to help everyday Australians with finance, even if they have experienced a poor credit history.While we...

News

Finance One Turns 10

Finance One is celebrating 10 years in business in 2020. While the business has grown to service close to 14,000 clients, the Finance One motto remains the same - to empower people through personal finance.Specialising in a compassionate...

COVID-19 supporting our customers
News

Supporting our Customers

Here is some information about how Finance One is responding to COVID-19. The recent developments surrounding the global coronavirus pandemic have disrupted daily life for many people in Australia. With all the uncertainty surrounding the...