In the case that you request a credit and you can not return it within the deadline, do not miss the deadline without returning it, as it will be included in delinquent records. You have the option of requesting another to pay the first but you have to think that you will have to pay interest on the interest generated by the first loan, so it may be possible that you can not fulfill the contract again and enter a spiral of increase in your debt that will be difficult for you to leave. That is why it is necessary to look for alternatives so that you do not have to request another one to return a credit.
In this article we show you 4 alternatives for not requesting a loan to pay another and so you do not have to pay interest on a debt already created.
1. Ask for a payroll advance to your bank.
The best option to obtain money to return a loan is to request an advance of your payroll in your bank. There are payroll accounts that offer this payroll advance service, in which case you just have to request it. If this is not your case and you have a connection with the bank you can request it at their offices and you can even get the advance for free.
On the other hand if you are denied this advance you can ask if you have pre-granted loans at your disposal. With this type of loans you have a line of credit available to use when you need it and you will have the money instantly with very good conditions, in addition to being able to return it whenever you want and you will only pay interest for the time you use it.
2. Request an extension of the credit.
If you see that the return period is approaching and you can not return a loan, you can contact the financial institution and request an extension of the loan, in which case you will have to pay more interest but not late interest that is much higher. This option is available in most of the entities of personal loans, fast credits and mini- credits.
3. Expand the credit.
Depending on the financial institution that obtained the loan, it is possible to negotiate it and modify the conditions of the same extending the term of return of the borrowed money, being able to pay lower quotas. This option is recommended when you have a link with the financial institution and can perform a study of your income and payments.
4. Reunify debts.
Another option that you have if you can not return a loan is to reunify debts, hiring a financial product that unifies all your debts in a loan with a longer term and therefore lower fees. The problem with this option is that the financial entities for debt reunification are not very committed to making contracts with users who do not have the capacity to repay a loan.
Finally, comment that there is the option to borrow money from a friend or family member, but you must always be responsible for not including more people in your debts if you are not going to be able to repay the loan. Without a doubt this is the cheapest option of all.