As the name implies, the extension of the loan means 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. This version of the deferred return receive payday loans as a customer of Marliue, Viloan or Crediten. In the case of difficulties with timely repayment of loans online at Kapreska you can extend the repayment period only for a period equal to the one for which it was contracted. For example, if it was 15 days, deferral is possible for exactly the same time. In both companies, loans taken for 15 or 30 days can be extended up to two times. With a 60-day repayment period, where payments are made by refunding in two installments, each can only be extended once.
The possibility of extending the loan repayment is not so terrible
In favor of postponing the maturity of the loan is that it is a kind of security buffer before the lender initiates actions to recover the borrowed money. We are talking here not only about telephone, e-mail, SMS or letter reminders, but primarily about debt collection. Each of the activities aimed at giving you the total loan amount gives rise to additional costs. The amount of the loan companies is set individually. Another advantage of extending the debt repayment period is that it exempts from penalty interest calculated for each day of delay, the amount of which may not be higher than four times the Lombard rate of the Bank of the Nation.
The costs of extending payday loans are not low
Costs are also a basic argument against the postponement of the original debt repayment period. Depending on your diligence, this solution may result in higher costs than prompted. So before you decide to use it, calculate how much extra you will have to pay for this step. Loan companies apply different criteria for determining the amount of fees for extending the loan repayment period, e.g. they are calculated on the basis of the amount of the liability or fixed fees are used. For this reason, it is also not worth reaching for the option of extending the period for giving back the debt. For example, despite the fact that you need to postpone the liability due date by 4 days, you will still have to bear the costs associated with deferring repayment by 7 days. On the minus side of extending the time for repayment of arrears, it should also be noted that, most often, lenders require a transfer of related fees a few days before the loan repayment date specified in the contract.
Remember that timely payment of the loan should be a priority. Only in really difficult situations will the extension of the repayment period be the final solution.