Short-term loans are very fashionable these days. They allow you to finance various urgent obligations. According to the regulations available on the network, the time to pay them is from 30 days to 60 days. The lender sets a specific date for us to settle the debt. There are, however, situations in which we are unable to pay fees in a timely manner. Then what? It is possible that we use the procedure, which is to extend the loan. What does it consist of?

## A loan extension, up to 30 days, must be reported

How does the loan extension work? The most important thing for us – clients – is to report willingness to start appropriate activities before the loan repayment deadline. From the last day of the loan period, this option will be blocked and we will expose ourselves to fees related to late repayment. Detailed information on the rules in force in a given financial institution can be found on its website. For this purpose, we must contact the Customer Service Office of the company whose services we use. Then it is possible to run the whole procedure. Fortunately, the whole process is not particularly complicated. That is why we should not be afraid of taking action. After all, it is thanks to them that it becomes possible for the loan repayment to be easier for us.

## The extension involves fees

What are the fees associated with extending the loan? It is known that the facilities in question are not free. The most important, however, is that you want to use it before you pay off your debt. It is therefore not worth expecting to take these actions until the last moment. It may turn out that all the steps that need to be taken can be more time-consuming than we might think. Therefore, it is good to ensure everything that will result in avoiding the payment of contractual penalties. Their height may vary depending on the company we choose. What costs do you have to take into account when deciding whether to extend payday loans?

## Extending the loan at Hypocredit

In the case of services provided by Hypocredit we have several facilities. First of all, the additional time that we can get is 7, 14 or a maximum of 30 days. To be able to use it, you need to transfer the appropriate amount to the account of the described company. It differs depending on how many days the repayment date is to be moved and whether it was our first or next loan.

#### FIRST LOAN

In the event of an additional week you have to take into account the expenditure of 14.40% calculated on the outstanding amount. By extending the deadline twice, you have to pay 15.20%. While using the maximum extension period, fees of 17.00% of the amount remain to be settled. Interestingly, the website also has information that customers who use services for the first time can perform this operation up to twice.

#### ANOTHER LOAN

If we have applied for a loan again and want to take advantage of the extension of the repayment date, the fees are lower. For 7 days they amount to 8.80% of the loan amount. When we apply for a 14-day extension, it will be 9.60% of the liability. However, extending the deadline by 30 days costs 11.30% of the sum borrowed.

## Extension of a loan at Merratu

In the case of funds lent by Merratu Bank as customers, we have the option of extending the repayment date, subject to physical security, which means that we need to find an individual guarantor (the person certifying our ability to repay the debt, in the event of problems, undertakes to take over our liability). If we decide to use such a solution, then we have the opportunity to take advantage of the facilitation for free.

It is known, however, that it is necessary to provide a contract signed by one guarantor. It must also be initialed by 2 witnesses or a notary public. These actions must then be taken within 5 days of sending the notification to the customer service representative. The extension of the loan can also be secured by a guarantor proposed by the bank. The cost will then be 25 percent of the initial capital. The loan extension period is 30 days. Merratu Bank emphasizes that from 11/03/2016 it is not possible to extend the loan repayment without a guarantor.

## Extension of a loan at Lenderspo

For this institution, it is impossible, as we read on the site, to postpone the repayment date. However, loan refinancing services are available. Then it is possible to set a new payment date. He may be appointed for a period of 10, 20 or 30 days from the positive consideration of our application for the described assistance. Details of the entire process are available in the “Customer Area”. This is where you can find all the data on the lender’s offer in this regard. The amount of fees depends on the amount of payday loan granted and the refinancing period. These details should be agreed each time with a customer advisor assigned to us.

## Extension of loan in Spooky

An extension of the loan in Spooky is possible after prior submission of an appropriate instruction to the company’s employees. It will be implemented only after paying the appropriate fee by the borrower. If you use the first free loan, you can extend the repayment period twice. In the standard offer, on the other hand, it is one-off in subsequent applications. The time for which the repayment of the liability will be deferred can be 7, 14 or 30 days.

#### FIRST LOAN

If we applied for a loan for the first time, the cost of extending your repayments by 7 days is 13.20% of the money you borrowed. When we decide to postpone for 14 days, the fee will be equal to 14.00% of the loan amount. In the event of an extension of 30 days, we will pay 15.70% of the sum of the financial support received.

#### ANOTHER LOAN

With the next application, the fees are lower and are as follows: extension of 7 days is 9.70% of the loan amount, extension of 14 days is 10.50% of the loan amount, extension of 30 days is 12.20% of the loan amount.

## Extension of loan in Beloan

In the case of a Beloan loan, it is possible to extend the repayment date by 7, 14 or 30 days. The appropriate option should be selected before the end of the loan period. The order will be accepted if we make the appropriate payment by entering the appropriate loan number and the word “EXTENSION” in the title of transfers. The cost of the service depends on the loan amount we choose and the loan period. If we used the promotion of the first free loan with parameters of $ 2,500 for 30 days, the fees will be: for 7 days $ 375, for 14 days $ 450, while for 30 days $ 525. We already receive information about costs when determining the amount and period of credit before submitting the application.