You are disciplined and have been paying off your loan on time, because you know that delays generate fines behind fines, and your money is not junk, right?
But all of a sudden, an unexpected one caught you off guard and you can not count on your emergency fund, so realize that you can not repay the loan by the deadline. What to do?
In that case, you need to ask for a loan repayment extension, do you want to understand more? Keep reading.
What is the extension of loan repayment?
The extension of payment of the loan is nothing more than an alternative to avoid delays in paying the installments of your loan, and consequently, bear very heavy interest.
If your installment matures the next day, you can request the extension to pay for it in 28 days, for example.
Then, the remaining amounts remaining to repay the loan would be transferred within the new requested period.
- I made a personal loan and can not afford it, now what?
Why ask for an extension? Worth it?
No doubt, it is worth asking for an extension when you realize that you will not be able to repay the debt on time.
Failure to do so will result in high fines, which may accumulate and further complicate your condition.
In addition to constantly charging through calls, you may get dirty name at the major credit bureaus.
After that, it will be much more bureaucratic to get approved on a later request for credit.
I want to extend my deadline, how to do it?
For this, it is necessary to contact the lender of your loan, which can also be done by the website or company application.
Usually, the lender will state what the terms of the extension and the possible fees that will have to pay to increase the term.
Do not leave your installments in arrears, contact and negotiate with your lender the best option for you not to get involved.
- I delayed the installments of the loan, now what?
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