When choosing a quick loan, you should decide on the amount that will not cause any problems. However, there can always be an unforeseen random event or expenses that will make it difficult to pay the installment on time. The solution may be to extend the repayment deadline. How to get them done and how much does it cost?
When you don’t make it on time
By signing a loan agreement, you have a repayment schedule set up in advance. Depending on the type of liability – short-term payday loan or installment loan – the repayment period can be from a dozen or so days to even several dozen months. When choosing a loan, you should choose a repayment date in such a way that the amount of the monthly installment is not too heavy for the borrower’s budget, and thus is repayable.
However, despite the greatest prudence in taking the payday loan, there may be a situation when we will not be able to pay the installment on time. Sudden job loss, illness or unforeseen expenses can make payment difficult. If it happens that you will not be able to pay the debt on time, you should contact the lender as soon as possible to extend the repayment date. This will be the easiest way out of temporary financial problems.
How to extend
Due to the fact that most payday loans are granted via the borrower’s electronic account, it is often possible to manage the liability held from its level. In many cases, the desire to take advantage of the extension of the repayment deadline can be submitted electronically.
If this is not possible, the consultant working on the helpline of the loan company is always available to help. An important issue is the fact that only the payment deadline can be requested before the repayment deadline.
How long can it be extended?
The deadlines by which you can extend the payday payback are different. In most cases, these are three intervals: 7, 14 and 30 days. Of course, the repayment period is directly reflected in the additional costs of the loan. However, when deciding on this step, it is worth considering which of the deadlines will be realistic to achieve.
Taking into account only the costs when choosing it may not be the best solution, because it may turn out that an additional 7 or 14 days is not enough to pay the amount due.