Is it possible to extend the repayment period of a non-bank loan?
You took a payday loan at a loan company. Although you did not take on a scenario in which you will not be able to pay off your debt, it really happens. Such a turn of events can happen when we had a lot of expenses in a given month and we do not have enough money to pay the loan installment or loan. There may be many reasons for not being able to pay back your debt, but the most important thing is that there are ways to extend your payday payment deadline.
You cannot delay and you must act immediately to prevent us from ceasing to pay our debts at all. It is best in this case to contact the loan company and extend the repayment time to be able to collect the money needed to pay the payday loan next month. Such an action can relieve the household budget.
A longer repayment period means higher costs
The payday loan always specifies the time when we should pay it back. However, we are not always able to predict all difficulties in life. Not once in your life there are additional expenses that burden our budget. In such situations, the option of extending the repayment time saves us, which involves additional conditions and fees.
As the name suggests, the extension of the loan is that the borrower receives a bonus in the form of an additional period to pay off the debt. Usually, companies operating in the non-banking sector are willing to give 7, 14 or even 30 days for the final payment. This allows you to choose a new commitment date that suits your financial situation.
We can use the loan extension once during the period of the given financial liability. This option allows you to extend the repayment period, which will somehow relieve our home budget. This solution, however, results in the inevitable increase in interest costs.
Extension of the repayment period is payable and each non-banking company sets the price list individually. We can look for such information on the lenders’ website in the additional fees table. However, if we have a problem with this, we can call the loan company, send an email, or we can contact the loan company representative via chat. In most companies, the loan extension fee must be fully transferred to the lender’s account in order for the extension request to be accepted.
Companies willingly extend the repayment period
Many non-bank companies that grant loans have the option of extending the repayment period. In the case of an online loan, it will be extremely easy, because at the time of application we were created a user account on the site. Just log in to such an account to see various options, including repayment of the loan or extension of the loan. However, you must apply for a loan extension before the repayment deadline.
1. Complete the appropriate loan extension application.
2. Deposit the amount required to accept the application.
3. Wait for the official confirmation of the extension of the repayment time.
The applications for extending the loan repayment time can be found mostly on the websites of loan companies. It is also worth knowing that you can extend the payday payment only twice. Some companies, however, require you to provide additional security that will ensure that the customer will pay off the loan on the latter date. It can be a legal guarantor or an individual guarantor, ie simply a resident.