Payment deferrals for loans, lines of credit and credit cards

COVID-19

Payment deferrals for loans, lines of credit and credit cards

You can defer your next payment for up to 3 months depending on the product and your situation.

Members and clients who are eligible

If you're in one of the following situations, we can help you:

  • You have contracted COVID-19 and are unable to work due to the virus.
  • You are quarantined because you have symptoms and are awaiting test results.
  • You're unable to go to work because of travel restrictions.
  • You lost your job or or are temporarily laid off.
  • You're facing other issues closely related to COVID-19.

We review every situation on a case-by-case basis. If you had any late payments outstanding before you made your request or if you're unable to make payments at then end of the deferral period, your credit score may be affected.

If this is the case, it's very important to contact your caisse or call 1-800-CAISSES (1-800-224-7737) long before your payments resume to discuss your options.

Products eligible for payment deferral

  • Credit cards
  • Mortgages
  • Versatile Lines of Credit (home equity lines of credit)
  • Accord D financing
  • Automobile and durable goods financing
  • Consumer loans and lines of credit

To be considered beforehand

There are many ways to ease your financial burden during these difficult times. Before requesting a payment deferral, look at all your options. Some of them might work better for your situation.

Important details about payment deferral

Payment deferral does not cancel your financial obligations. Debts accumulated during the deferral period must be paid back. Make sure you consider all the possible impacts of this measure.

Your repayment amount could be higher than expected

When the deferral ends, your payments could go up and the remaining term or amortization could be extended. That means it could end up costing more than you planned to repay what you borrowed.

Deferring a low-interest loan could be a bad idea

It may seem like deferring payments on low-interest loans would be more advantageous. But that's not necessarily true.

There are 3 factors that determine the financial impact of a payment deferral: the interest rate, of course, but also the balance and the remaining term. The weight of each factor is different for every borrower.

Need help minimizing the impacts of a payment deferral?

Call us at (1-800-224-7737).

Need advice? We can help!

To find out which of your products is the most suitable for deferred payment, read our advice for each of your possible needs.

Our advice
Defer the largest monthly payment to get that amount back into your budget.

Our advice
Defer payments that are due soon and frequently, such as weekly or every 2 weeks. You might also consider our emergency loan. With its low interest rate and flexible terms, it might be a good option for you.

Our advice
Defer payments on loans with a low interest rate, small balance and a short remaining term or amortization.

Our advice
Defer payments on insured loans (life and disability). They will still be covered for up to 6 months. There is no time limit for student loans. You don't have to pay these insurance premiums during the deferral period.

Impacts for each financing product

The financial impacts of deferring payment vary from product to product.

Your financing product

Personal loan

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

It is possible to make a payment during the deferral period under certain conditions.

Contact your caisse to find out more.

Find a caisse

Calculating interest

Interest continues to accrue during the deferral period. However, no interest is charged on the interest accrued during the deferral.

Example of financial impact for a personal loan

Let's say you have a personal loan, the initial amount of which is $10,000 at a fixed rate of 9.5% with a 10-year term. The current balance is $7,983 and you have 85 monthly payments left to make (a bit more than 7 years). A deferral of 3 monthly payments would generate additional interest of about $376.

Credit file

A payment deferral won't be entered as a late payment in your credit report. However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at (1-800-224-7737) to find out what options are available to you.

Insurance on your loan

If your loan is insured, your Loan Insurance premiums are automatically deferred for a maximum of 6 months. You remain covered and there's nothing you need to do.

Automobile and durable goods financing

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

It is possible to make a payment during the deferral period under certain conditions.

Call (1-800-224-7737) to find out more.

Calculating interest

Interest continues to accrue during the deferral period. However, no interest is charged on the interest accrued during the deferral.

Example of financial impact for an auto loan

Let's say you have financing for an initial amount of $25,000 at a fixed rate of 5.5% with a 6-year term. The current balance is $13,527 and you have 36 monthly payments left to make (3 years). A deferral of 3 monthly payments would generate additional interest of about $220.

Credit file

A payment deferral won't be entered as a late payment in your credit report. However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at (1-800-224-7737) to find out what options are available to you.

Insurance on your loan

If your loan is eligible for insurance, the premiums are also suspended during the deferral period, and you will continue to be covered.

Personal line of credit and student line of credit

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

It is possible to make a payment during the deferral period under certain conditions.

Contact your caisse to find out more.

Find a caisse

Calculating interest

Interest continues to accrue during the deferral period. However, no interest is charged on the interest accrued during the deferral.

Example of financial impact for a line of credit

For a line of credit at a rate of 7% with a balance of $2,000, a deferral of 3 monthly payments would generate additional interest of about $35.

In this example, no transaction is made on the account and the rate does not vary during the deferral period.

Credit file

A payment deferral won't be entered as a late payment in your credit report. However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at (1-800-224-7737) to find out what options are available to you.

Versatile Line of Credit (home equity line of credit)

Note
If you have a mortgage linked to your Versatile Line of Credit, read about the impacts of a payment deferral by selecting Mortgage in the drop-down menu.

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form. At the end of the 3 months, we suggest you review your budget and assess your needs and options. If you consider that you still need to defer your payments, contact your caisse.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

It is possible to make a payment during the deferral period under certain conditions.

Contact your caisse to find out more.

Find a caisse

Calculating interest

Interest continues to accrue during the deferral period. However, no interest is charged on the interest accrued during the deferral.

Example of financial impact for the Versatile Line of Credit

For a line of credit at a rate of 3.05% with a balance of $50,000, a deferral of 3 monthly payments would generate additional interest of about $381.25.

In this example, no transaction is made on the account and the rate does not vary during the deferral period.

Credit file

A payment deferral won't be entered as a late payment in your credit report. However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at 1-800-CAISSES (1-800-224-7737) to find out what options are available to you.

Insurance on your line of credit

If your loan is insured, your premiums are automatically deferred for a maximum of 6 months. You remain covered and there's nothing you need to do.

Mortgage

Note
If there are less than 120 days left before your mortgage renewal date, you need to renew your mortgage before you can request a payment deferral.

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

You can make payments during the deferral period, under certain conditions. If you have a closed loan, penalties may apply, under certain conditions. For an open loan, there is no penalty.

Contact your caisse to find out more.

Find a caisse

Calculating interest

Interest continues to accrue during the deferral period. However, no interest is charged on the interest accrued during the deferral.

Example of financial impact for a mortgage

Let's say you have a mortgage, the initial amount of which is $200,000 at a variable rate of 3% with a 5-year term. The current balance is $186,050 and you have 30 monthly payments left to make (2 and a half years). A deferral of 3 monthly payments would generate additional interest of about $202.

In this example, the rate doesn't vary during the deferral period.

Credit file

A payment deferral won't be entered as a late payment in your credit report. However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at 1-800-CAISSES (1-800-224-7737) to find out what options are available to you.

Insurance on your loan

If your loan is insured, your premiums are automatically deferred for a maximum of 6 months. You remain covered and there's nothing you need to do.

Learn more about life and disability insurance - External link. This link will open in a new window.

Mortgage insured by CMHC or Genworth

Industry standards that existed before the pandemic will once again apply for members who cannot meet their financial obligations.

If you're having difficulties meeting your financial obligations, we will look at your situation and give you some options to make your mortgage payments and your life and disability insurance payments, if applicable.

We advise you to contact your caisse or call 1-800-CAISSES (1-800-224-7737) long before your payment resume to discuss your options.

Credit report

Your credit score may be affected if you don't make your scheduled payments. Don't wait until you're behind in your payments. Call an advisor as soon as possible at 1-800-CAISSES (1-800-224-7737).

Credit card

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

The payment deferred is equivalent to the minimum required payment.

It is possible to make a payment during the deferral period under certain conditions.

If you're a Desjardins member, contact your caisse to find out more.

Find a caisse

If you're not a member, contact Desjardins Card Services at .

Financing plans linked to the account

You can only make one deferral request at a time. When you ask to defer your credit card payments, the deferral will automatically apply to the credit card balance and any Accord D financing plans.

Temporary annual interest rate

During the deferral period, the interest rate on Desjardins credit cards is temporarily reduced to 10.9%, except for cards that already offer the 10.9% rate.

Calculating interest

Interest on your balance continues to accrue during the deferral period at the applicable rate. However, no interest is charged on the interest accrued during the deferral.

Example of financial impact for a credit card

During a payment deferral, the interest rate is temporarily reduced from 19.9% to 10.9% on Desjardins credit cards. A deferral of 3 monthly payments on a card with a $1,000 balance would generate additional interest of about $27.25. You benefit from interest savings of $22.50 due to the temporary rate reduction.

In this example, no transaction is made on the account during the deferral period.

Minimum payment

You are not required to make the minimum payment on your credit card account during the deferral, including interest, even if we continue to send you statements showing an amount owing. You can make a partial or a complete payment if you wish.

Authorized payments

If you are signed up for the Authorized Payment Service, no preauthorized withdrawals will be made during the deferral period.

Statement

An adjustment for the deferral of the minimum payment will appear on your statement as report de paiement minimum covid-19.

Credit file

A payment deferral won't be entered as a late payment in your credit report. However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at (1-800-224-7737) to find out what options are available to you.

Credit balance insurance

Credit balance insurance premiums are included in the balance on your credit card statements. When you pay your credit card balance, you also pay the insurance premiums.

Learn more about credit balance insurance - External link. This link will open in a new window.

Accord D financing with equal payments (from the caisse or a merchant)

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

It is possible to make a payment during the deferral period.

If you are a Desjardins member, contact your caisse to find out more.

Find a caisse

If you are not a member, call .

Monthly payment

A new Accord D deferred payment plan will be created with a grace period equal to the requested deferral period. This means that during the deferral period, no monthly payments will appear on the statement.

Financing plans linked to the account

A deferral of Accord D financing payments also automatically applies to the credit card and other plans linked with the account (credit card balance and Accord D financing).

Deferral request made before April 15, 2020

If you have multiple Accord D plans, they will be combined into a single plan for the purposes of the deferral and separated once the deferral period is over.

Deferral request made after April 15, 2020

If you have multiple Accord D plans, a new one is created for each plan linked to your account.

At the end of the deferral period, interest will apply as usual for both cases.

Credit file

The deferral could trigger an alert with Equifax and TransUnion because it qualifies as a change in your credit report. If you're signed up for Equifax credit monitoring, you may get an alert about the payment deferral.

However, if you already had late payments outstanding before requesting the deferral or can't make your payments at the end of the deferral period, your credit report could be affected. Contact one of our advisors right away at (1-800-224-7737) to find out what options are available to you.

Accord D financing with deferred payments (from a merchant)

Deferral period

Request a payment deferral of up to 3 months using the payment deferral form.

At the end of the deferral period, if you've assessed your needs and reviewed your budget but still can't make your payments, contact one of our advisors right away to find out what options are available to you.

It is possible to make a payment during the deferral period.

Call to find out more.

If you're supposed to start making payments during the requested deferral period

You'll start making payments only once the deferral period is over.

If you're supposed to start making payments after the requested deferral period

No change will be made.

Student loan

Government measures for government-guaranteed student loan payment deferrals ended on September 30, 2020. Payments should resume in October as per the loan agreement.

If you are experiencing financial hardship, the Deferred Payment Plan, overseen by the Ministère de l'Éducation et de l'Enseignement supérieur, will be available again in October 2020. For more information, or to apply, visit the Aide financière aux études website.

If you have any questions, you can contact Desjardins Group’s Student Advisory Centre toll-free at 1-866-388-3373 or email pret.etudiant@desjardins.com - This link will open in a new window..

Start preparing for the end of the deferral

Estimate how much you'll have to pay after the deferral period is over and draw up a budget based on your estimate. Once you're back on your feet, consider making a lump-sum payment to cover the payments that were missed and interest that accrued during the deferral period.

Learn more about resuming payments

How to request a payment deferral

Or call (1-800-224-7737) within 7 days of the payment you want to defer.

Contact us

We're here to answer all your questions.

Call us toll-free, from anywhere in Canada or the U.S.:
(1-800-224-7737)

Or have us call you at the time of your choice.

Please note that our teams are experiencing a high volume of calls. We'll do our best to answer you as soon as possible.

We're assessing requests on a case-by-case basis. Payment deferrals are only granted to financing in good standing, with no late or missed payments.