If you are current on your loan with DreamSpring and your business is being negatively impacted by the COVID-19 pandemic, we will switch your next two monthly loan payments to interest only. This can be extended for an additional two months of interest only payments, if the first two interest only payments are made on time.
For each monthly payment that is converted to interest-only, your loan repayment schedule will be extended by one month, and will be a regular payment of both principal and interest.
Also, the total borrowing costs for the life of the loan will be increased as a result of the additional month (or more) of interest you will pay on the balance of your loan.
If you are past due on your DreamSpring loan, please call us at 1-800-508-7624 to discuss your options and any relief we may be able to extend as a result of the COVID-19 pandemic.
We are maintaining a list of resources for small business impacted by the COVID-19 pandemic.