Installment Loans

Payment deferrals allow you to provide temporary payment relief for borrowers experiencing hardship while maintaining their repayment commitment. Here are a few options to start.

You can defer either past-due and/or current obligations in the current installment period to the maturity date.
Deferring the past-due obligations of a delinquent account will automatically mark that account as non-delinquent.
After payments are deferred, the amortization schedule in CanopyOS will update itself to communicate what amounts have been deferred and to what date they were deferred to. The screenshots below illustrate this change.

Here is an example of a 6-month term loan where the borrower is able to make their first two payments, but suppose we learn they are unable to make their next payment on time.

Your risk team can then review their case and agree to grant the borrower more time to repay that obligation by shifting the due date of that amount to the maturity date.

Here is what the same schedule looks like after the deferral is executed.

Currently a Beta of Payment Deferrals is available through our API, and soon we will allow users to initiate these deferrals through CanopyOS as well.

Click the link to our guide to learn how to start using Payment Deferrals. The API documentation for scheduling a loan payment deferral can be found in the reference here.