P
Loans
Payment Holiday
The bank lets you skip a month or two of repayments because you're in a rough spot. But here's the kicker: interest keeps stacking. So you're not saving money, you're just delaying it. You use it in a real crisis, but don't pretend it's free money.
Usage Examples
"During load shedding chaos in 2023, Nomsa asked Standard Bank for a payment holiday on her bond for three months. They said yes, but her interest kept accruing and she paid an extra R25,000 in the end."
"Absa allows one payment holiday per year on qualifying personal loans, but you need to apply at least 10 days before your debit order date."
"Payment holiday is not the same as skipping a payment. Sipho thought not paying was fine and got reported to the credit bureau. Learn the difference."