Formal Request to Extend Loan

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Dear ________,

FORMAL REQUEST TO EXTEND LOAN REPAYMENT

This letter serves as a formal request to extend the repayment term of the loan I received from you. I entered into a loan agreement with you on ________.

I am making this extension request as permitted by the loan agreement.

I are yet to make the full loan repayment as stipulated by the loan agreement.

The original term of the loan was for ________.

While I had taken steps to repay the loan within the original term, I am now requesting for an extension of the loan repayment term because:

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I kindly ask to be given more time to repay the loan. I look forward to discussing this further with you and reaching an agreement on a suitable time when repayment of the loan can be made.

I acknowledge that the interest charges will continue to accrue and I will have to pay this debt in full as part of my eventual repayment of the loan.

In light of these, I am hereby asking that you grant an extension of my loan.

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I look forward to your prompt response.

Yours Sincerely,

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