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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 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.
I look forward to your prompt response.
Yours Sincerely,
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