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  • An April 13 survey from Lending Tree revealed that 91% of people who requested relief for their credit card and mortgage payments due to the coronavirus were approved for assistance.
  • Of those who didn’t request assistance, one in five didn’t realize asking for help was an option.
  • Men were more likely than women to request and receive support, and Gen Xers were more likely to ask for and receive aid than baby boomers or millennials.
  • If you’ve been financially impacted by the coronavirus, call your lenders to ask for financial assistance.
  • Read more personal finance coverage »

As millions of Americans lose work due to the coronavirus, many find it challenging to pay their monthly bills.

Many banks, lenders, and credit card issuers are offering assistance to customers who have been financially affected by the coronavirus. Most companies aren’t offering help automatically, though — you need to contact a customer service agent to request relief.

Online lending marketplace LendingTree surveyed 1,431 Americans about their experiences requesting help from lenders during the coronavirus pandemic. Of those surveyed, 1,387 were credit cardholders and 1,024 were homeowners.

The April 13 survey revealed that most people who requested assistance with credit card and mortgage payments were approved. However, many borrowers didn’t know they could ask for help.

Over 90% of people who spoke with lenders received aid

The LendingTree survey showed that 91% of people who asked their credit card issuer for flexibility on their monthly payments were approved. Sixty-seven percent of those people received help with each credit card they requested assistance for, and 24% got help with some of their credit cards.

Additionally, 91% of people who requested relief from their mortgage lenders were approved.

Of those surveyed, 30% didn’t ask credit card issuers or mortgage lenders for financial assistance. Many said they didn’t ask for help because their finances hadn’t been significantly impacted by the coronavirus. But one in five people who didn’t talk to lenders said they didn’t realize asking for help was an option.

Men and Gen Xers are most likely to request and receive aid

Only 18% of women surveyed asked for credit card payment relief, and 41% of men requested help. Of those who asked their issuers for help, 86% of women were approved and 93% of men were approved.

Gen Xers were the most likely to request aid from their credit card issuers and were the most successful in being approved. Only 7% of baby boomers even asked for help with their credit card payments.

A quarter of the millennials surveyed said they didn’t know they could request assistance from lenders.

Don’t hesitate to ask for help

If you request payment assistance, your chances of being approved are high. So don’t be afraid to ask for help — not just for credit card and mortgage payments, but also for bills like private student loans, personal loans, and auto loans and leases.

You may receive aid in the form of payment deferment or forbearance, waived late fees, paused interest rates, or suspensions of foreclosures and repossessions.

The information related to the following cards has been collected by Business Insider and has not been reviewed by the issuer: Chase Freedom Unlimited®, Chase Freedom®, Chase Slate®, Ink Business Preferred® Credit Card
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Do you have a personal experience with the coronavirus you’d like to share? Or a tip on how your town or community is handling the pandemic? Please email covidtips@businessinsider.com and tell us your story.

Get the latest coronavirus business & economic impact analysis from Business Insider Intelligence on how COVID-19 is affecting industries.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

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