What If I Can’t Repay On Time? Featured

23 October 2018 717 Views
Time is money Time is money

What will happen if you can’t repay the money you borrowed when it’s due? What will the consequences be? And why is it always better to take a quick loan from an online company instead of a bank? The answers to these questions are below.

A 2-3-Day Delay in Repayment

You might be asking yourself: why would I be late to repay my loan by 2 or 3 days? Even the most responsible people who know how to manage their money and are willing to repay their debts sometimes miss the payment schedule because they make money on commission or because of circumstances related to family, friends, health, or travelling. If you’ve missed the payment date by only 2 or 3 days, talk to the company and explain the problem.

A One-Week to One-Month Delay

If you haven’t repaid the loan, and it’s been between a week and a month of the payment date, and you haven’t told the company why, you can expect phone calls. If you borrowed from a bank, your guarantor will also get calls as well as questions as to why the payment is overdue.

Don’t avoid such calls; in fact, it’s best to call the company call first. Talking with the representatives of your bank or online company will help you avoid new problems as a result of the delay in repayment. After your first conversation with a loan company you can expect a fee and, sometimes, additional interest on the money you owe. But it’s important to note that online loan companies raise their interest rates modestly even when there’s a delay in repayment.

60-Day Delay

If you are late by two months or more, the best advice is to be honest. Be ready to cooperate with the representatives of the loan company and explain the reasons for the delay. Don’t forget to mention the date when will you be able to repay the loan or part of it. Make sure to stick to the new payment schedule. And remember the most important thing: the conditions are always more flexible with online companies than with banks, and there is always an opportunity to take out a new loan to cover the previous one. Just cooperate and be ready to negotiate.

And don’t forget to visit https://ezrapidloan.com/ again and click Apply Now!

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