According to statistics, last year the number of Russians who did not pay their debts on time increased. If we take into account the fact that a potential client is checked by the scoring system before the loan is approved, and the bases of credit bureaus are rejected immediately, it becomes clear that respectable clients are not insured from this problem.
How to fix a loan delinquency?
Loan arrears – frequent
Suppose you borrow some amount of money. Planned to pay the loan from the first salary, but there were new expenses or there were delays in salary and penalties accrued under the loan agreement : fines or penalties. What to do?
Microfinance organizations differ from banks in that they offer loans to customers for smaller amounts and for a shorter period: a loan for a year is most possible. You can make a financial commitment at any time, and not only during the opening hours of the department – several companies offer round-the – clock loans . Often the maximum period of use of money is limited to 30 days. It is not necessary to exclude that it is even profitable for financial organizations to charge fines and additional interest on small amounts, bringing them to astronomical numbers. After all, this is a large part of the income of such organizations. We advise you to think out and plan a budget well before making a contract in order to quickly repay the loan .
You shouldn’t be negligent about microloans – because of the small amount, you can also earn problems and lose property. A wise decision would be to assess the need for a financial obligation, it may be possible to solve financial problems without it. We always advise you to seriously fill out an application for a loan and soberly assess the possibility of repayment of the debt. If a loan is processed with the help of a co-payer or guarantor, then your financial difficulties may adversely affect their financial records.
If you have such circumstances that it is impossible to repay the loan on time and completely, we recommend calling back or contact the department personally and consult what to do in this case. Quite often, they agree to various payment exemptions. We also advise you to monitor the situation in advance in reviews about : borrowers often describe their problems in comments and how to solve them in a particular company.
Often, overdue loans are not due to bank errors in credit history , but because of the borrower’s carelessness: the debt was paid late in the evening on the last day of the term. Alas, deduct payment on the day of the transfer of money, so one-day overdue delays may occur, which also affect the credit history. We advise you to avoid such situations and repay debts if possible ahead of time, or activate the auto payment service, otherwise in case of financial difficulties you will have to rely only on loans without checking your credit history .
To issue an additional loan – as a solution to the problem
If you are unable to extend or delay the loan, it may be worth thinking about refinancing the loan – to pay off the existing debt with new loan funds. With a balanced approach to this issue, you can find a company that offers more flexible conditions for issuing the required amount, despite the deterioration of your credit history. But with active debt, the chances of getting on-lending approval may be low. Help to help improve the reputation of work or mortgage property. In case of refusal, you can also consider the services of pawnshops. Of course, the terms of the loan there are much worse, but there is hope to keep the credit history clean.
Another way to quickly improve your financial situation is with a credit card with a grace period. Making a credit card will not be so simple: in case of active delinquencies, the probability of failure is high. If the salary is credited to the card, we advise you to contact the issuing bank, in this case, the chances increase. The grace period will allow you to pay loan obligations and delay time to repay the debt.