How to spread a free payday loan into installments?

Repayment of the loan on time can be a problem, even if the loan decision was well thought out. Unfortunately, certain situations in life, the so-called Random accidents can effectively prevent a loan from being repaid, especially if the amount borrowed was high. What if you do not have money to pay back the loan or extend it, or if you have already used this option? for further clarification

Some companies on the Polish market prefer quick execution of debts and, after a short series of reminders, refer the case to debt collection. Fortunately, some of the other companies offer peaceful settlement of disputes with customers and allow the possibility of individual repayment schedule.

Can I also divide the payday loan in installments?

Yes, all companies that offer payday installments inform that this option applies to all loans, including free payday loans. However, the loan agreement always states that the cost of the loan will not be borne only by the customer who satisfies the repayment term. It is natural, therefore, that when the free payday loan is divided into installments, it ceases to be free and you will have to pay additional fees, which – beware! – will unfortunately be higher than if the payday payment was fully paid.

The costs of such a solution may even reach an additional 20% of the loan amount. However, they will certainly be easier to handle for the budget, as they will be evenly distributed over the number of installments. It should also be remembered that virtually no company will agree to more than 12 installments. Some companies also do not agree to such a distribution before the repayment deadline, and in some cases it takes some time for such a solution to be possible.

How to write an application for payment in installments?

For most companies, simply expressing a willingness to pay back is sufficient to accept the application. It is good, however, that such a request should be preceded by any payment towards the repayment of the loan – it will be an expression of good will and in a sense a guarantee that the loan will pay off.

What should such an application contain? Of course, the basic thing is the customer’s personal data, which should also be supplemented with the loan agreement number (optionally the date when the agreement was concluded).

Another important thing is to motivate your request. What can be good reasoning? It is first and foremost a reasonable argument for your financial problems, illness, job loss, unexpected but necessary expenses, and family problems. It may also be helpful to present a document that could confirm these problems – this will make the conclusion likely.

In addition, the client’s good will may also be a suggestion on how the loan should be repaid. You can indicate the number of installments (but enter the shortest possible period here) and / or declare the amount of the monthly installment.

Which companies will arrange the loan in installments?

If we want to additionally insure ourselves against possible debt problems, it is worth contacting LendOn. This company offers the possibility of setting an individual repayment schedule, but only in special cases, such as illness or unexpected job loss. However, prior e-mail or telephone contact with the Customer Service Office is required, where they will tell us how to arrange the resulting debt into installments.

Another example of such a company is NetCredit, which ensures that the customer can look for an individual solution to problems if he is struggling with financial difficulties. Most often, however, such a customer must either use the option of extending the repayment period twice or be in arrears with repayment for more than 30 days.

MoneyMan also agrees to such solutions, although he does not describe in detail what such a procedure looks like. Nevertheless, he encourages you to contact if such repayment problems arise even before the repayment deadline.

It is best, however, to check the loan agreement and, if we particularly care about this option, sign a contract that contains the relevant provision about the possibility of individual repayment schedule.

Borrower on censored

Let us remember that the very request to spread the loan in installments is a kind of signal to the company that we are a professional borrower. The reasons for such a problem are not important. For this reason, it is very important that the new repayment schedule is followed with the utmost care and that all installments are paid on time. Failure to comply with the contract will once again result in the loan company breaking off cooperation and starting a debt collection procedure, which we wanted to avoid.