Loan Rollover Request Letter

I hope this letter finds you well. I am writing to formally request a loan rollover for my existing loan, account number [Account Number], which is currently due for repayment on [Due Date]. Due to unforeseen circumstances, I find myself in a situation where I am unable to meet the repayment deadline. Therefore, I kindly request that you consider rolling over the loan to extend the repayment period.

1: Reason for Request
I have encountered some unexpected financial challenges that have made it difficult for me to honor the original loan repayment schedule. Specifically, [briefly describe your situation, e.g., "a sudden medical emergency" or "a significant reduction in my income"]. These circumstances were unforeseeable at the time of taking out the loan and have significantly impacted my ability to repay on time. Given the temporary nature of these difficulties, I believe that with an extension, I will be able to fulfill my obligations.

2: Proposed New Terms
I propose the following terms for the loan rollover:

1. Extended Repayment Period: I am requesting an extension of [number of months, e.g., "6 months"] from the current due date. This will allow me the necessary time to stabilize my financial situation and ensure full repayment of the loan.
2. Interest Rate Adjustment: I understand that the extension may result in an adjustment of the interest rate. I am open to discussing a fair adjustment that reflects the extended loan period.
3. Revised Repayment Schedule: I propose that the revised repayment schedule be structured as follows: [outline your preferred repayment schedule, e.g., "monthly payments of [amount] starting from [new start date] until the loan is fully repaid by [new end date]."]

3: Commitment to Repayment
I want to assure you of my full commitment to repaying the loan in full. The rollover would greatly assist me in managing my current financial challenges while honoring my obligations to your institution. I have carefully considered my finances and believe that the proposed new terms are realistic and achievable. I am confident that this extension will enable me to maintain a positive relationship with your institution and continue to manage my finances responsibly.

4: Supporting Documentation
To support my request, I have attached the following documents:

1. [Document Name 1]: This document provides evidence of the financial challenges I am currently facing, such as a pay stub showing reduced income or a medical bill.
2. [Document Name 2]: This document outlines my financial plan for the coming months, demonstrating how I intend to meet the revised repayment schedule.

5: Request for Meeting or Discussion
I am open to discussing the proposed terms further if necessary. If you require any additional information or would like to schedule a meeting, please do not hesitate to contact me at [Your Phone Number] or [Your Email Address]. I am eager to work with you to find a mutually beneficial solution and to ensure that the loan is repaid in full as soon as possible.

6: Conclusion
Thank you for your time and consideration of my request. I greatly appreciate the support that your institution has provided thus far, and I hope to continue our positive relationship. I am confident that with the loan rollover, I will be able to manage my financial situation more effectively and fulfill my obligations. I look forward to your favorable response.

Yours sincerely,
[Your Full Name]
[Your Address]
[City, State, ZIP Code]
[Your Email Address]
[Your Phone Number]