Arvest Bank wants to ensure our customers fully understand the relief options available to them due to the effects of COVID-19, and how each option works.

COVID-19 Information Center

The options available to you will depend on your loan type. For example, options available to assist with a car loan may differ from options available for a mortgage loan. Here are several different payment assistance options, along with explanations of how they typically work:


  • Deferral, also referred to as a loan extension: Deferrals may be available for up to 90 days. A deferral takes your payments for a particular period of time and moves them to the end of your loan term, either by extending your loan term for the number of deferred payments or by lumping them into one balloon payment due when your loan matures. Interest will continue to accrue on your loan; however, no late fees or additional interest are charged during the deferral period.


For example, if you enter into a 90-day deferral arrangement, the 90-day deferral would take your next three payments due and move them to the end of your loan. You would resume making your normal payment the following month. No additional fees will be charged. Your loan will either continue for three months beyond the original loan term or you will owe those three payments in one balloon payment at the end of your loan term.

In the case of a credit card, a deferral means your minimum monthly payment will not be due for a certain amount of time, even though interest will continue to accrue based on your balance. Once the deferral period is over, your minimum payment due will be calculated based on the outstanding balance on your account at that time, just as normally is the case. No late fees will be assessed during the deferral period.


  • Forbearance: Forbearance does not mean your payments are forgiven. You still will be required to repay those payments. A forbearance pauses your loan payments, so to speak, for a period of time. For example, if you enter into a 90-day forbearance, you will not be required to make any regular payments for the next three months, even though interest will continue to accrue on your account.


The paused payments generally become due at the end of the forbearance period. The way the payments are repaid can differ depending on the type of loan and other factors. Some forbearances require all payments to be paid by the end of the forbearance period. In other cases, you may have additional options, such as establishing a repayment plan to pay the past due amounts or obtaining a loan modification. In any case, it is in your best interest to continue to pay what you are able to during the forbearance period.

Another important point to remember: a forbearance may impair your ability to refinance your mortgage or obtain other types of additional credit for a certain period of time.


  • Repayment plan: A repayment plan is a structured way to make up your missed mortgage loan payments over a certain period of time. It is an agreement that allows the borrower to pay the regularly scheduled payment amount plus an additional amount each month in order to bring the account to a current status. The terms of repayment plans will differ depending on the type of loan.


  • Loan modification: A loan modification can work in different ways. If you are past due on your loan, a modification may bring your account current without changing your payment amount, or it may reduce your monthly payment to an amount you can afford. Modifications may involve extending the number of months in your loan term and/or reducing your interest rate. Loan modification plans will differ depending on your financial situation and loan type. In some instances, you may be required to pay any interest due before a loan modification can be completed.


Any Arvest loan and/or credit card customers who want to learn more about these options are encouraged to call (877) 483-2940 to speak with an Arvest associate.