February 4, 2020

The QUICK LOAN That Wins Customers

By admin

One of the options is to pay the minimum amount of the total loan. This minimum amount is set by the lender and it varies from company to company. So, you pay the minimum amount and the rest of the loan is extended with a new contract. New contract actually implies that, of course, you are entering a new repayment period. However, the amount that you will be charged upon the expiry of the new period is not based on the total of the initial loan, but on the new balance (with the minimum payment deducted from the original amount).

 

The QUICK LOAN That Wins Customers

The other option is to pay an amount higher than the minimum and, of course, the repayment period will be extended with a new contract. In this case, however, the lending company will first apply the part of the loan that you decide to pay to the fees and they will apply the rest to the actual amount of the loan.

However, with some companies, the case is that if you decide to prolong the repayment period they will just keep adding fees to the whole amount of the loan for every additional month.

All in all, definitely the best solution for anyone is to pay the whole amount of the loan when your next paycheck is due. Otherwise, the loan will just keep getting bigger and bigger with a different pace depending on some of the above mentioned options that you choose. In any case, just make sure that you are careful enough and do not let you debt amount to the quantities you will not be able to deal with.

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