Bayanihan 2 states that financing companies, banks, and other financing institutions are required to give their borrowers a mandatory, one-time, non-extendible 60-day grace period (the “Grace Period”) for each loan.
Articles in this section
- How does Section 4 (uu) of the Republic Act No. 11494, otherwise known as the Bayanihan to Recover as One Act (“Bayanihan 2”), affect my loans with First Circle?
- Is my loan qualified for the Grace Period?
- How does the Grace Period work?
- When does the Grace Period start?
- What do I do to use the Grace Period?
- I have more than one loan that satisfies the 1-2-3 requirements for the Grace Period. Which loan gets the Grace Period?
- How do I pay my loans during or after the Grace Period?
- If I wanted to get the Grace Period, should I issue new postdated checks right away?
- Will my loan continue to earn interest during the Grace Period?
- Will my loan earn late fees and other charges during the Grace Period?