What is a loan extension?

Today, many people hear such a word as “prolongation,” let’s find out in more detail what it means and who will need it most. A loan extension is an extension of a loan period that has already expired. Since financial institutions providing loans give them for a certain period of time, therefore, a user who has overdue this period needs to apply for a prolongation service and extend the lending period in order to solve financial issues and continue to pay for a loan without difficulty .


Credit extension: reasons

loan extension

Each person in life may have unforeseen circumstances, sometimes they may appear at the very moment when the loan is paid. Of course, there may be many reasons, for example, urgently needed funds for a medical examination or treatment, may also be needed for unplanned repairs in an apartment or for tuition, all of which can greatly affect a person’s financial situation.

There can be a lot of reasons why they can apply for a prolongation, for example, a student loan was issued *, here a person has scholarship payments and low earnings, but because the employer does not like the student constantly asking for couples, he dismisses him, and the loan remained unpaid. So, the student draws up a prolongation and extends the payment period until he finds a part-time job and pays the loan in full. So, in this situation, everyone will be satisfied that there will be no delays and penalties on the loan, and the borrower will be able to easily resolve this issue without difficulties.

Today, many credit organizations practice prolongation as one of the most popular services, because neither the borrower nor the lender will want to deal with loan delinquencies, debts and fines, therefore the credit institution offers its users to defer payment of the loan for a certain period of time, which will be better for both parties.


Extension of loan agreement: conditions

Extension of loan agreement: conditions

Each financial institution has its own conditions for issuing a prolongation, so the user must contact the particular credit institution where he has a loan.

It is worthwhile to understand that, for example, a prolongation at a bank may differ from a prolongation at a microcredit organization, first of all, that it simply may not be issued at the bank and the person will have to search for funds on his own. In the case of a microcredit organization, the user will be able to calmly arrange a prolongation for the required period. Many organizations offer simply to pay the interest rate for a loan and extend the loan period for the right period. Here, the user will just need to enter the personal account of the service (if it is an online loan) or visit the office of a credit organization and follow all instructions.

It is worth remembering that the extension can be different, for example:

  • Overdue. When the user came to issue it already when the loan has a delay.
  • Timely. When the borrower draws up the extension in a timely manner, just once a day to repay the loan.
  • Early When the user draws it up before, a few days before the end of the lending period.

It is worthwhile to understand that for all types there are circumstances, sometimes it is even better to arrange a prolongation ahead of schedule than then to think how to pay the delay on the loan and fines.


Extension in a microcredit organization

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Since microcredit organizations occupy a rather large niche among all financial institutions and are very popular among citizens of Ukraine, so many are wondering how to apply for a prolongation in a specific microcredit organization. Take, for example, one of the most popular online organizations, Good Daddy Excel, and find out how you can extend your loan period here quickly and easily.

First of all, it is worthwhile to understand that, unlike bank loans, here for the user to register it will be enough to have only a passport, TIN code, as well as a personal bank card.

Such a loan can be issued to anyone who needs funds, for example, a student, loans to people with disabilities *, loans for people of retirement age or a woman on maternity leave. Since the credit institution is loyal to all borrowers, here you can get a loan at the lowest interest rates.


How is the extension?

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For example, to pay for an online loan, a user needs only a few minutes. So you can pay by going to the bank cash desk, indicating the details of the service to pay in cash or by card, you can also pay through the self-service terminal and online on the credit institution’s website.

As for the extension of the loan, you need to know that the credit institution is loyal even to this aspect. Each user has the opportunity not only to obtain a loan quickly and profitably, but also to extend the loan in a very simple way, here you can pay only interest for using the loan and extend the loan for the required period. Such a procedure can be performed directly by entering the online service of the credit service, here the user just needs to link his bank card and pay the required amount. Since a loan can be issued to many people, for example, a student loan, a maternity loan * or an unofficial loan, the extension function plays a very important role in a “life jacket”. Many people today have a difficult financial situation,so such fast online loans – this is really the most profitable and quick decision that can be made in the modern world. The user will receive here not only financial assistance, but will also be able to arrange the extension as quickly and profitably as possible.

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