The Bayanihan Act states that financing companies, banks, and other financing institutions are required to give their borrowers a mandatory payment extension of thirty (30) days from the due date of the loan (the “Payment Extension”), if such due date falls during the Enhanced Community Quarantine (March 17 to May 31, or as may be extended) (the “ECQ Period”).
Articles in this section
- How does Section 4 (aa) of the Republic Act No. 11469, otherwise known as the Bayanihan toHeal as One Act (the “Bayanihan Act”), affect my loans with First Circle?
- Which loans are qualified for the Payment Extension?
- How does the Payment Extension work at First Circle?
- How do I avail myself of the Payment Extension?
- Are you allowed to charge interest during the Payment Extension?
- Is the Payment Extension interest-free?
- How much interest will I be charged now?
- Why is First Circle charging some customers some interest during the Payment Extension?
- Will my loan(s) earn late fees and other charges during the Payment Extension?
- The ECQ Period was extended twice. What happens if it is extended again?