Deferment vs. Forbearance: What's the Difference?

Introduction
Life can bring unexpected financial hardships, making it difficult to meet monthly loan payments. In such situations, borrowers may seek relief through deferment or forbearance-two options that allow temporary pauses in loan payments. While both provide financial relief, they differ in key aspects, including eligibility, interest accumulation, and long-term impact. This guide explores the differences between deferment and forbearance to help borrowers make informed decisions.

Conclusion: Making the Right Choice
Both deferment and forbearance provide temporary relief for borrowers facing financial hardship. Sparklms Loan payment system Understanding the differences can help you choose the best option based on your financial situation, eligibility, and long-term repayment goals. If you're struggling with loan payments, consult your lender to explore available options.