June 9, 2015 The loan came easily, but it was impossible to pay it back due to unexpected expenses? You can choose to extend the loan. Where is this solution burdened with the lowest fees?
Extension of the loan – why is it worth it?
In this way, we give ourselves extra time to return the loan, which primarily protects us from prompts, calls for payment or putting the debt case in the hands of a debt collection company. Although the extension of the loan is payable, this one-time expense increases our chances that we will be able to give the money back in the long term. Thus, we can avoid negative entries in the databases of registers of economic information offices (BIGs) or, in the case of loans from Zengga, Hypocredit or Eicredit, to the database of Credit Information Bureaus (BIK). As a debtor, we can’t count on another loan from a legally operating non-bank company, much less a cash loan from a bank.
When to extend the loan repayment period?
Extending the loan will be useful, for example, when the boss informed us about a delay in payment or when we had to spend the money to pay the debt on an extra need. The desire to extend the time for repayment of the loan should be reported before the deadline for repayment indicated in the contract. Usually, it is enough to make a transfer for the appropriate amount and indicate the purpose of the payment and the period for which we pay. Most often, non-bank companies offer an additional 7, 14 or 30 days to pay back the loan.
You will extend the cheapest in Hypocredit and ViaTEXT
We analyzed the cost of extending the loan among the leading companies operating in the Polish loan sector and it turned out that the solution will cost the least in ViaTEXT. With a commitment of PLN 500 taken for 30 days, we’ll pay PLN 48 for an additional 7 days. As a customer of Hypocredit we will spend PLN 1 more. However, already with a delay of two weeks or a month, the online loan market leader is the cheapest – PLN 63 and 95, respectively. For comparison, ViaTEXT requires payment of PLN 68 and 107 respectively. We will also bear the low cost of extending the loan as NegaMoney customers. The company gives us 7, 15 or 30 days for a refund, which costs 10, 13 and 16 percent respectively. the value of the liability. This means that with a loan of PLN 500 for a weekly extension, we will pay PLN 50, for two weeks – PLN 56.5, and if we choose a monthly period for commitment, it will cost us PLN 80. NegaMoney offers micro loans from PLN 100 to 2000 for 7-30 days. With problems with the timely return of money, extending the loan is relatively cheap in Visset. When 30 days have passed and we have 500 PLN to pay back, paying 65 PLN, we will gain an additional 7 days. If a week is not enough for us, we can make a transfer of 105 PLN and thus extend the repayment period by 14 days. To have a month to pay, we will have to pay PLN 155. Similarly, in all cases, persons who received a PLN 1,000 loan, its extension will cost twice the above rates.