How does an extension work?
Is the maturity of your loan approaching and you will not be able to pay it? When making a credit application, you can choose the amount of the loan and when you want to return it. The logical thing is that you adjust the expiration with the date of your next deposit . However, on occasion, unforeseen events may arise that do not allow you to repay the loan on the scheduled date. In that case, you can request an extension . In this post we will try to clarify its meaning: How does it work? Before your loan has expired, you can go to your account on our website and make a request for an extension. To do this, you will have to pay the accrued fees and choose a new due date within the next 30 days. Requesting an extension means that you pay the accrued fees and therefore, you have a loan for the same principal during the period you choose and upon maturity you will have to return the principal plus the fees of this second period enjoyed. It is similar to paying the entire credit and being granted a new one , only avoiding the movement of money from the principal. For example, if we have granted you a loan of € 100 for 10 days (loan € 100 + fees € 14), at maturity, you can pay € 114 or pay € 14 to extend it for a maximum of 30 days and return the rest later (This second option through an extension). If you pay the € 14, you choose for how many days you want to extend your € 100 loan, and depending on the days, those € 100 will accrue new fees. If you choose to return it in 5 days, as an example, you would have to return € 105 (€ 100 loan + € 5 fees). Consequently, the above would be the same as paying the € 114 and immediately asking for a € 100 credit again, since you would pay the € 114 and we would deposit the € 100 of the new credit, the net effect being the same (payment of 14 €). For this reason, in case you are not going to be able to repay your loan on the agreed date, we advise you to make an extension from your client area to avoid additional costs.