Consumer Loan Payment Deferral Program FAQs

COVID-19

Effective March 23, 2020, Enterprise initiated loan payment deferral programs for consumer clients impacted by COVID-19.  

This program is available for consumer loans excluding credit cards. Consumer clients may request to defer one (1) monthly loan payment per consumer loan. 

Eligibility requirements
  • Your loan is in good standing, as follows:
    • Your loan must be current or within the grace period, AND
    • The bank has received your three (3) most recent consecutive monthly payments on the loan you are requesting to defer.
  • You are experiencing financial difficulty due to COVID-19.
How do I apply for this deferral?

A COVID-19 CONSUMER PAYMENT DEFERRAL REQUEST AND AGREEMENT can be downloaded from the COVID-19 Update page on the Enterprise Bank & Trust website. The request is a fillable PDF, so you can type directly into the form, print it, sign it and return it to the bank using one the following methods:

  • Scan and email to [email protected] (preferred method)
  • Fax to (314) 993-6454
  • Any branch location with drive-up or night-drop capabilities
  • Mail to Enterprise Bank & Trust; 1281 N. Warson Road; St. Louis, MO 63132
I can’t download or print the form, what should I do?

Contact your local branch or call (833) 896-2850 and ask for a copy of the COVID-19 CONSUMER PAYMENT DEFERRAL REQUEST AND AGREEMENT. Complete and sign the request and return it to the bank using one of the above methods.

I have more than one consumer loan at Enterprise, can I request a deferral for each loan?

Yes, borrowers can defer one (1) payment for each loan.

How will this deferral impact any auto-debits?

Any auto-debits set up by Enterprise will be suspended for the deferred payment. However, due to the timing of the application, payments already in process may not be stopped in time. If a payment cannot be stopped, Enterprise will use reasonable efforts to reverse and refund the payment as quickly as possible. If Enterprise is unable to reverse a payment before it processes, Enterprise will defer the next regularly scheduled payment. Any fees assessed by Enterprise will be waived. You are responsible for stopping any auto-debits initiated through Online Banking or bill pay.

When will the deferred payment be collected?

The loan’s maturity date will be extended by one month. Interest will continue to accrue on the outstanding balance, including the month of the deferred payment. As a result, the final payment may be larger than the regular monthly installment.

How does this impact finance charges?

Deferring a payment will result in you having to pay a higher total finance charge than if you made your payments as originally scheduled.

Will the deferral impact my escrow amount?

Deferring a payment could result in a change to escrow balances. It depends on the amount of and when future payments are received. Any changes to escrow will be reflected in the next scheduled escrow analysis.

Will my credit score be impacted by the deferral?

There will be no negative credit bureau reporting for up-to-date clients. Payments deferred under this program will not be reported to the credit bureau as past due.

How long is this program available?

Enterprise reserves the right to terminate this program, without notice, at any time.

I need more payment relief, what should I do?

Please call (833) 896-2850. A Client Service Officer will direct your call to someone who can answer your questions and determine next steps.

I would like to speak to someone about the program, who should I talk to?

Please call (833) 896-2850. A Client Service Officer will direct your call to someone who can answer your questions.