How to request an extension of your loan?
The extension of loans is one of the options that the beneficiary of a loan has at his disposal if he can not fulfill the payment of the installments. In fact, it is preferable that you ask for it to default. Nowadays, online credit is one of the best options to get money immediately and with less requirements than in traditional banking. Mini- loans or quick micro-credits can be ordered directly through the Internet. Moreover, all the procedures are carried out with a device that has access to the network. They are the quick solution to deal with unforeseen events and your request is very simple. The scoring analyzes the information and with the assigned score, the approval is made. In just a few minutes, money is available.
In a site like Gandalf you can do the simulation of interests , the deadline to return the fee and fill in the fields requested by the portal. Being very small amounts, do not demand too many requirements, nor guarantees, and the bureaucracy is managed very quickly. Even people included in lists of defaulters can access this type of loans online . Normally, this type of microloan is repaid in thirty or sixty days.
Obviously, the beneficiary of the money must assume the responsibility and obligation of its return in time and form. However, you may not be able to cope in the time you were committed. In these cases, you can request the extension of loans to get a little more time and negotiate again with the entity.
In fact, it is more than advisable to negotiate the terms of the refund before you start not paying dues and entering into a situation of default. Interest accrues and the debt will increase as the days go by. In the end, the cost will be much higher.
How to request the extension of a loan
The extension is the extension of the term of return of the credit online . In some cases, the financiers offer this possibility as an additional benefit, it is a time of more that is granted to the beneficiary so that he can face the situation and return the money without entering into a situation of non-payment.
However, all entities that grant online credits offer the possibility of requesting an extension. It is important for the client to review the conditions and verify that he has the option to request a deferment. It is also convenient to review the clauses and assess the costs of the option to do so.
Sometimes, when more time is requested to make the refund, the entity requests the payment of the interest that has been generated and grants the refund of the amount in the new agreed term. Obviously, the extension of loans has a cost, although it is considerably lower than that generated by the interest of a possible default and the defaulting of the loan.
What happens when you can not pay the extension?
Some fast credit entities include in their conditions the possibility of requesting two extensions. However, there is also the situation of not being able to face the postponement because the client’s economic situation has not improved and he does not have the liquidity to face the obligations contracted.
Although each financier maintains a particular policy in their system, the most common is that if an extension can not be met, the entity cancels the deferral request to return the loan to its initial state. The maturity of the credit will be fixed again in the original term that was established. In this case, the beneficiary must be responsible for the payment in the time set.
If the person who has received the money can not take charge of the initial loan installments, nor of the extension, he will have to pay the interest on the minimum loan, some interests that are specified in the same web page in which he makes the request. It should be noted that quick money financiers, such as Gandalf, offer information transparently and clearly so that the consumer has all the information.
So, if you fall into a situation of default, the recipient of the money will have to pay the interest for delay, the money you have requested, plus the initial natural interest. Given that the cost of a non-payment is high, fast-money companies grant deferrals that are acceptable to their clients in order to avoid this type of situation.
In any case, the request for a loan implies the commitment and responsibility to return it. The companies that grant fast money by Internet speed up the bureaucratic and administrative procedures so that their clients have the money as soon as possible. They also offer the possibility of extending the deadlines against any default. Of course, the person making the request must be aware that his obligation is to return the money he has requested and if he does not, the cost will be much higher.
In the case of not responding to a non-payment, the entity has the capacity to begin the pertinent administrative and judicial procedures to recover the money it has lent. All this has a cost that the borrower must also assume.
Companies that offer online loans have become the great alternative of traditional banking. Micro-loans or mini-loans offer immediate liquidity solutions to deal with certain contingencies or extra expenses . The big advantage is the speed and the cost, since the interests can be smaller than those of credit cards or other types of consumer loans.
In addition, in case the client is in a complicated situation that makes it difficult to meet their commitments, companies such as Gandalf offer the possibility of making the extension of loans . Thus, the term for the return is extended and the beneficiary of the money can avoid the costs of a non-payment. If liquidity is needed, the best option is fast money online credits .