Sometimes good intentions are not enough to pay the payday loan on time. Some people struggling with this problem then try to reach an agreement with the loan company and try to spread the loan in installments. However, this solution is not immediately available and most companies apply a policy that other deferral methods should be exhausted first. It is usually an extension of the repayment date. Not all loan companies have this facility available, sometimes it comes in a variety of forms and the associated fees vary.
How can you extend the repayment deadline?
The basic ways to postpone the donation period are to extend the payout period and refinance. The extension is the establishment of another, payable commitment towards the same company in which they borrowed, while refinancing means taking another loan in another company, cooperating with the original company, which this time acts as an intermediary.
Technically speaking, extension of the repayment period and refinancing are almost unambiguous for customers. In both cases, the customer gains additional repayment time, although refinancing is usually granted for 30 days, and the extension can be chosen freely – usually it is 7, 14, 21 or 30 days. The customer also bears the additional costs of this service and each of them must pay in advance, before the repayment deadline.
How much is it?
With an estimate of the cost of extending the repayment date before making a loan decision can be different. Some non-bank companies openly provide such costs, even with loan calculators, but a larger percentage of companies will only provide such amount if they send a loan agreement. So you have to ask yourself about the possibility of such a solution and its price. This can be different and depends on two factors: the amount of the loan and the period for which it will be extended. For refinancing, the cost is usually about the same as the normal cost of the loan.
A very important issue – if we extend the repayment of a free loan, we will pay double for the extension. The first part of the fee will, of course, be the one for the extension, and the second will be the normal cost of the loan, as this has not been repaid on time (and this is the basic condition of the loan for USD 0).
Which companies can extend the repayment period?
LendOn. This company offers the option of extending the repayment period by refinancing. Unfortunately, he does not disclose what costs the customer will have to bear. Such information can be obtained by accessing the loan agreement (before it is signed) and in the individual customer account, which is necessary to be able to apply for a loan.