On the credit market in our country are offered different fast payday loans, which can help you in a difficult financial moment.
But what are the consequences of not paying fast payday loans and what can I do if I can not pay off my debt? This article will look at these questions.
If you have thoroughly researched and seriously analyzed the characteristics of fast payday loans offered by financial companies, you can safely orient yourself in the complex setting and choose the right one for you.
Before proceeding to apply for a quick payday loan, it is a good idea to refine and decide exactly what amount you need and decide on the financial options for returning a quick payday loan.
By choosing a quick credit, it is necessary to compare the parameters of the many fast payday loans and to pay attention to the important terms of allocation, the size and type of currency, interest, fees, extra costs, time to approve and ways of receiving and returning money, what collateral is required – guarantors, bets, individual repayment schedule, which specifies the amount of the repayment installments and the period of their payment, a pure credit record, good credit history, and more.
Very often, in reality, you happen to have plans, rely on secure income, hope to get your salary on time, but due to some unfavorable circumstances, your expectations are failing, and you have already withdrawn a payday loan repayment, have a fixed maturity date, and you do not have the money you need.
That is why it is necessary when you take a quick payday loan and examine the proposed conditions to pay attention to whether the lending companies have provided for such an opportunity and what solutions they offer in a difficult situation .
Some fast lending companies emphasize this and direct your attention to promptly notifying the creditor company via email, telephone, SMS, or through a direct appointment and contacting a credit consultant.
There are professional and responsible credit specialists who will offer you a competent solution to get out of the situation .
Pay attention to lending companies that offer an extension of the payday loan, offer payday loan rescheduling in convenient small installments over a longer period of time, whether you can renegotiate payday loan terms, restructure obligations.
A way out of the crisis is to withdraw credit from a company that includes in its offer for quick payday loans – the refinancing service.
Credit refinancing is the withdrawal of a new payday loan to repay old liabilities and keep you fresh money. You need to have economic benefit from the refinancing, and this can happen if the parameters of the new payday loan are more favorable and efficient for you than those of the old obligations.
If you have several credit withdrawals from different creditors and you are in danger of being unable to pay, you could resort to an opportunity offered by some financial companies to unite obligations.
When we unite our obligations in one – we pay only one place, we have only one installment payment, only one maturity date, the interest is only on the debt consolidation payday loan.
You have to deal with, find the option not to fall into a delay or in arrears.
Borrowers owe a delay compensation, usually at the statutory rate of interest for the period of delay, on the outstanding amount of the payday loan, together with the costs incurred in collecting it – for example reminders, telecommunication services, notices, invitations, notices, etc.
In case of arrears, fees for days of delay after the due date are also charged . Fees are increasing progressively – for example, 10 days after maturity, 15 days after maturity, for 20 days.
The creditor company’s claim is then transferred to a specialized agency in the area of recovering overdue receivables and commenced the recovery of the claim by court order.
They come to this place, they can convict you, they can attach bills to you, they can take you personally movable or immovable property , you can get rid of valuable items.
If you allow late payment, past due, not only are you subject to penalty interest and extra fees, the amount is very high, your credit file is completely altered, your credit history is getting worse.
The credit file contains all the information for each borrower regarding the credits it has withdrawn and the way it serves them.
If you are late in paying or not paying off your payday loan amounts, you make your own bad credit history yourself.
It is continuously updated and updated, your credit file contains personal data relating to the credits you have withdrawn and this data is stored in the Central Credit Register.
They have access to it, can retrieve information and submit data to all banks and financial institutions that are listed in the CCR.
Your credit history must be perfect, your credit history should be flawless if you want to get credit.
Otherwise, banks will deny you, and some credit-lending companies may also grant you, but under unfavorable conditions – you will want a higher interest rate, put up conditions to secure a pledge on movable or immovable property, it will be necessary to provide guarantors against whom certain requirements are also being claimed.
When you make the decision to withdraw a payday loan, take the responsibility and earnestly, consider the costs and benefits you will pay to repay your debts in time, avoid overdue payments that may aggravate your credit history and change the look of your credit file , look for ways to be correct payers, adhere to deadlines, and be precise when paying repayments.