TAB

TAB announces automatic 12-month extensions on new loans




TAB has announced it is now offering an automatic extension on all new loans, up to 24 months.

Borrowers will be able to trigger the extension clause to buy more time if needed.

The facility will allow an automatic 12-month extension on the proviso that the loan is not in default at any time during the initial term.

Duncan Kreeger, founder and CEO at TAB commented: “Once again, we are constantly searching for ways to better cater for our clients’ needs and I feel this small change to our documentation may give those in need, vital time and space in which to complete their dealings.”

“TAB is about building trust with our community and being transparent from the outset and, with this in mind, borrowers should feel they have more than just a loan, it's a business relationship.”

James Kent, co-founder at Life Financial Solutions, said TAB’s offering of the guaranteed extension was welcome news to the market.

“Borrowers will need to work with a lender that wants to support them through these uncertain times and what TAB is offering will make a lot of sense to borrowers and brokers right now. 

“Some lenders have, in the past, charged large penalty fees when a loan term reaches maturity - often equal to 5% of the loan amount - making the process of extending an expensive exercise.”

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