Important information about microloan extension

Microcredits have become a very popular type of service in the financial services market in the last few years. After all, in order to get a microloan it is only necessary to have free access to the Internet, as well as to provide a minimum package of documents, which includes a passport, ID code and bank card Visa/Master Card. But ruining your credit history is easy enough, even if you were a good borrower before. It is enough not to pay back your micro loan on time and your credit history will be ruined.

What is an extension of credit?

The non-payment of the microloan in time can be caused by a number of factors: the payment did not come from abroad in time, your salary was not paid on time, the customer didn’t pay for your goods or services in time. But no one has cancelled the time to pay the loan. To avoid a bad credit history due to force majeure circumstances which were not caused through your fault, it is worth to use the service of prolongation of the credit agreement. The service of credit agreement prolongation is not available in all microcredit organizations, but if you choose a reliable cash advance app, you will have the opportunity to get access to the most favorable conditions.

You can take advantage of the prolongation as follows. For example, you have taken a loan without refusal on a personal account in the company for 10 days, respectively, in the end you need to pay the company this amount with interest. Since the interest rate in the microfinance organization is different amounts, your debt will also be different depending on the situation. The maximum period of use of money will also depend on the company you choose. When you draw up a microloan, the contract prescribes the amount you need, as well as the period for which you need it, also specifies the final amount for repayment. More details at the link: https://play.google.com/store/apps/details?id=com.onlinecashadvance&gl=us&hl=en-US.

So if you took a microloan, and you want to use the prolongation service, then you just pay the interest rate for activating this service. The loan extension service allows you to use the money that has been provided by the company for a longer period of time. At the end of the term you will need to pay the full amount. The number of possible prolongations is often unlimited. This way you will not ruin your credit history for further lending in banks and microfinance organizations. Nevertheless, you should first find out if this option is available in the company you choose. That way you will be able to count on getting the best result from using the service.