In some situations, repayment of payday loans on time can be a problem. Even in the case of a well-thought-out loan decision, there may be some random events that will make payment difficult. The borrower’s biggest challenge at such times is to pay back the high loan amount. An alternative is the option to extend the commitment. However, the problem arises when the customer has already reached for it and used it.
Most lenders operating on the Polish market try to quickly collect their debts. Initially, he sends out reminders and then directs the case to the official recovery path. Some lending companies treat customers who have encountered financial problems more favorably. For such borrowers, the option of setting a new individual payday loan repayment schedule has been prepared. Yes, it is possible for most lenders to install payday loans in installments.
Free payday payment and payment in installments
Also, the free payday loan can be divided into installments. In this case, however, one should take into account that the free loan will cease to be free. As you know, in the case of free payday pay it is necessary to meet the basic condition, i.e. to pay the liability on time.
Therefore, additional costs will be added to the unpaid loan that the client will pay in installments. Keep in mind that the fees will be higher than for paid payday pay. An additional 10-20% of the total loan amount is added to the liability. Perhaps this solution does not sound very encouraging at the moment. However, in most cases this is the only way out of a difficult financial situation.
Both free and paid payday loans are usually spread over several installments. Loan companies usually do not agree to set a repayment schedule for more than 12 months. Nevertheless, spreading the loan over several installments will allow you to pay back the debt, minimizing the risk of falling into even greater debt.
Installment application – what elements should it contain?
Most loan companies want to recover money from the borrower. Therefore, these entities are in favor of the requests of customers who are willing to repay the liability. If we have any funds that we can transfer to repay the loan, it is worth allocating them to settle the liability. Then the lender will have greater certainty that we will repay the remaining part of the loan.
Elements that should include the application for spreading the debt into installments:
- place and date of submitting the application,
- customer’s personal data (name, surname, PESEL number, residential address, e-mail address, telephone number),
- loan number (you can additionally add the date of the loan agreement),
- the outstanding amount,
- justifying the request for payment of the debt into installments (arguments should point to a difficult financial situation, caused e.g. by sudden expenses, illness, loss of job),
- proposal to divide into installments regarding the number of installments or the maximum amount of monthly installment,
- a request for positive consideration of the application,
- borrower’s signature.
Which loan companies make it possible to spread the loan into installments?
Vederas is one of the companies that offer the option of spreading liabilities in installments. The entity offers a solution in the form of an individual repayment schedule. However, it is necessary to have strong arguments, e.g. job loss or illness. Just contact Customer Service to find out how you can spread the payday loan in installments.
Good Lender is another company. In this particular case, the lender forces certain requirements to be met. The customer must extend the repayment period twice or delay payment of the obligation at least 30 days.
New commitment repayment schedule
Establishing a new repayment schedule involves calculating costs of approximately 10-20% of the value of the entire loan. The loan company adds costs for distribution and then sets a new repayment schedule. The borrower who actually wants to get out of debt should regularly pay the debt in accordance with the proposed repayment plan.