What is a Payment Deferral?

A payment deferral allows eligible Fig customers to move an upcoming scheduled loan payment to a later date. While this option offers short-term relief, it's important to understand how it works and the potential impact on your loan.

How a Deferral Affects Your Loan

A payment deferral postpones your next scheduled payment. The payment is not cancelled or waived; instead, your loan term is extended by one month. The deferred payment is added to the end of your loan schedule, and your upcoming payment is moved to the new date you select.

Eligibility Criteria

You can request a payment deferral if:

• You have an active Fig loan in good standing
• Your request is submitted before your scheduled payment date
• You have not already used a deferral in the past 12 months

You cannot request a deferral if:

• The payment is your first scheduled loan payment
• The payment has already been processed
• Your account is past due or not in good standing

How to Request a Deferral

You can request a deferral directly from your Fig account:

1. Go to my.fig.ca and log in using your email and one-time code
2. On desktop, click Manage Payments. On mobile, tap Payments
3. Locate your active loan and select View Details
4. Choose Delay my next payment
5. Select your preferred new payment date and click Next
6. Review and confirm the details by selecting Confirm

If you need help submitting your request, reach out to our support team via live chat or email at support@fig.ca before your payment date. You may be asked to review and accept updated payment terms.

What Happens After a Deferral

Once your deferral is confirmed:

• Your next payment will be moved to the new date you selected
• Your loan term will be extended by one month
• The deferred payment will be added as the final payment on your loan schedule

Your updated payment schedule will be reflected in your Fig Account. Unless you request further changes, your payment schedule will continue from the new date moving forward.

Impact on Interest

• Interest continues to accrue daily on your loan balance, even if a payment is deferred
• Deferring a payment may increase the total interest you pay over time
• Deferrals requested early in your loan term can result in higher interest costs, due to the longer accumulation period

If you're considering a deferral, we recommend reviewing your updated payment schedule and total repayment estimate in your Fig Account before confirming your change.