What to do if I cannot pay a loan online?

Que hago si no puedo devolver un crédito

You have applied for a loan and now you cannot pay it back. What can you do? It all depends on the conditions and the entity where you made the request . We are going to explain the different options and paths that you can follow from now on.

Failure to pay an online loan , regardless of whether it is a mortgage or individual loan , can cause problems that are difficult to solve. In managing any budget cap, timely delivery of installments must be ahead of any other expense. Never settle for the option to stop paying the loan in response to your money problem since, it is not the best way to proceed, this may be the beginning of a chain of debt that will make the economic problem even worse.

Do not stop paying a loan as a solution to the economic problem

In the event that there is a change for the worse in your economic situation that really makes it difficult to fulfill your commitments, it is ideal to approach your bank to communicate the problem before the charge for the credit installment arrives, in order to find solutions . It is always better to try to anticipate and deal with the problem before credit default occurs. Don't be shy about facing up to the problem and asking for help. At any time, everyone can run into unforeseen financial problems. Banks or lenders prefer to charge even late than not charge at all and get involved in costly legal proceedings before that default.

Most likely, the bank or lender will propose alternatives or ways to reach an agreement to pay the debt. Keep in mind that sooner or later, with more or less surcharge, the debt you will have to pay, it is best to face it with the least possible expense from the beginning .

Solutions in case of difficulties to pay my personal loan

After contacting the bank or lender and communicating your problems to make the loan payment without questions, they will offer you different solutions, which can be:

Extending the term of the online credit : This implies extending the term for the repayment of the advance, so the obligation with them will last longer, but on the other hand, the new payment program will be easier and more comfortable to cover. This option also implies an increase in the cost of credit, obviously, since the term in which you enjoy the borrowed money is extended, which entails an increase in interest. But still, it will always be cheaper in the long run than to stop paying, and although more expensive, the fees will be easier to assume.

Apply a grace period on credit : A period of time of lack of capital is proposed. This means in short, that for a certain time we do not have money, and only the interest of the easy loan is paid but the capital borrowed is not amortized, the money of the credit that is owed is not reduced. This agreement includes a time frame in which the charges are significantly lower, allowing the holder to recover financially at the cost of paying interest for a longer time.

The option of not paying the credit even with ASNEF should not be an option per se, since it can even lead to the seizure of assets until the amount of the debt is paid .

Recommendations in case of not being able to repay the loan

Ultimately, and based on what we have argued, the best option is to negotiate solutions with the bank to the lender, always before the default occurs. The entities that leave money always prefer to collect it even if it is late . It can happen to all of us to reach unforeseen situations of lack of money (such as the current crisis of the Coronavirus or COVID-19), which make it difficult for us to face the payment of debts, but the option of stopping paying them is never the best or from far. Exposing your problem and negotiating the steps to follow to pay your credit in some way is the best solution .

en