An online loan can be easily obtained for you to use according to your goals and is very helpful when you need urgent cash. You do the simulation on the internet, inform your data, the analysis is done in a matter of minutes and, if approved, the money falls into your bank account.
Once you get your loan, it is important to keep the payment of installments up to date and avoid penalties for delay. However, since you were already tight on money in the first place, it sometimes happens that your next paycheck may not be enough to repay the loan as you planned.
The solution, in this case, may be to request an extension of the loan repayment . But how and why should you do this? Keep reading and see us!
What is the payment extension?
If you know beforehand that you will not be able to pay the personal loan online within the initial planned time frame, it is possible to request a payment extension. The extension is nothing more than to ask for some more time to pay the amount you owe.
For example, if your loan will expire the next day, you can request an extension to repay it in 28 days. That way, the remainder of the loan will be repaid with the new term, and you could pay the installments without being fined late, preventing you from having the name denied.
Why ask for payment extension?
The worst thing you can do when realizing that you are going to delay the repayment of the loan installments is simply to do nothing. According to the agreement agreed upon in the request of the online personal loan, this can lead to more interest, which will accumulate complicating your situation further.
In addition, you may start receiving charges over the phone that can be a major inconvenience. Lastly, if the default persists, the lender has the right to send your name to the SPC and you may end up being denied.
How to request payment extension?
The payment extension needs to be negotiated with the lender of your personal loan online. In the case of Walter Mitty, you can make the request through our application available for Android or the site in the customer’s personal area.
You will have access to a simulator that will present you the conditions of the extension. You will need to pay a value to release the request – this value will be specified in the simulator. Walter Mitty will then review your application, and if approved, you may gain a little more time to finalize your online loan payment. This is another advantage of Walter Mitty, taking the bureaucracy up at times when it needs to extend a payment to suit its cash flow.