According to statistics, more than 50% of the population of our state currently lives in credit. And naturally, over time, this percentage can increase significantly. As a rule, such trends are considered to be negative and they speak to specialists about the unstable social situation in the country. But is it really so? Consumer loan is a certain amount of funds that a lender provides to a borrower in order to purchase various goods and services.
Almost every citizen of the country knows and understands what fast loan is and how to get it. Most likely, every adult used loan service https://www.usacashexpress.com/ at least once in his life. But often situations may arise when the borrower is not able to make monthly payments to the account of a financial institution. And in this case, the best solution may be a request sent to the lender to postpone the loan.
What Are the Reasons for Deferral?
At the same time, it can be noted that the borrower can satisfy the request of his client in the event that his personal and family circumstances have managed to change significantly from the moment of signing the contract and execution of loan obligations. Such circumstances may be considered – the death of relatives, the birth of children, a serious illness, as well as temporary or permanent disability. In addition, a good reason for obtaining a deferral may be a decrease in income or wages. Another reason could be the dismissal or job cuts.
Confirmation of reasons for deferral
If the borrower indicates one or more of these reasons, and also provides confirmation of the veracity of his words, then the bank is simply obligated to provide him with a delay. These are just the main reasons why you can get a delay. But many banks and financial organizations operating in the territory of the country offer deferrals and more loyal credit conditions also because of other difficulties that arise in life.
What can the lender offer?
What can the lender offer in this case? Firstly, the deferral of payments on principal. At the same time, the borrower will repay only interest, and the terms will be agreed upon depending on special circumstances. Depending on the situation of the borrower and the bank, the loan can be extended for a period of 1 to 3 years. The loan rate can be reduced and then increased by a specific period, and the loan schedule is changed. Payments can be divided into several parts – interest, interest and principal.