How to get a deferral from the bank if you do not have time to pay the loan on time

By signing a loan agreement, clients commit themselves to repaying a certain amount in a certain period of time. All this is carefully discussed at the initial stage. But there are situations when, as the maturity date approaches, the borrower may have various situations that prevent the payment from being made.

In this case, it is better to think over the possible risk in advance and contact the bank before the day of loan repayment. Do not let things go by themselves, as you will be charged interest, penalties and fines. Before you come to the bank, prepare all documents that can confirm why you cannot pay the money, for example, you change jobs or another reason. You also need to provide an exact maturity date and estimated sources of income.

If you have a clear credit history and up to this point you have not allowed delinquencies, and you can also present proof that you will be solvent in the near future, then the bank will certainly meet halfway and change the terms of loan repayment by restructuring. In addition to this option, you can take advantage of loan refinancing by contacting another bank for a new loan.

What does a credit history give to the borrower and the bank?

A credit history is a document that records all your credit behavior, the number of loans taken, regular payments or late payments, how much you still owe to banks and other parameters. This document helps the bank to determine the degree of reliability of the borrower and the client himself to take a large loan, showing a clear credit history.

Since your credit history will help you find out the reason for the denial of a loan or assess the chances of a new loan being approved, it is very important that it be clean, without delays, and a couple of our tips will help you with this:

      • Set up a convenient payment schedule to be sure of subsequent payments;

   • As soon as you are given permission for a loan, provide a salary card from which money will be withdrawn automatically - so you do not have to pay a commission and constantly monitor the day of payment;

     • Make the payment at least a day before the due date so that no accidents affect your credit history and you would not have to pay interest on delays.