Lending is an integral part of modern economic society. We have long been accustomed to the fact that with a lack of money here and now you can quickly and easily fill out a loan agreement, sign, and after an hour you are the owner of the treasured thing or service.
Everything is so simple that sometimes we don’t even bother to carefully read the conditions on which we receive money, we are sure that we will “pull” it. But situations in life happen different, and often today's confidence turns into an elementary lack of funds, and here the period for making another payment has come to an inappropriate place. The question "how to repay loans if there is no money" every day becomes more and more relevant for citizens of our country.
There are several options for resolving this situation. So, we simulate the situation: there are loans, there is no money. So how to repay loans if there is no money?
Option 1
You are sure that the current difficulties are short-term, and, most likely, you will face one missed payment. That is, you do not have the question “how to repay a loan if there is no money”, but only one repayment is under threat.
The situation is not critical, but letting it drift away is also not worth it, since one such pass in the future can cost you serious fines. In this situation, it is easiest and best to contact relatives and friends. So you will receive money for a certain period without burdening any of your relatives, and do not spoil your relationship with the bank. In extreme cases, you can be re-credited to another financial institution, but, as a rule, this step is not welcomed by banks, and you will lose much more on interest yourself.
Option 2
The amount of debt is serious and threatens to result in big trouble, you do not know how to repay loans. If there is no money, and the payment deadlines are already on the nose, do not delay the decision and contact the bank. Live people work there, who, as a rule, can get into a position and arrange a restructuring or “credit vacation”. You need to understand that any financial institution is primarily interested in repaying loan funds and interest, and not depriving the borrower of an apartment, car, and so on.
Option 3
If the situation is absolutely critical, you do not know how to repay loans, if there is no money, the bank refused to meet and threatens you with the seizure of collateral, immediately contact a competent lawyer. Many will ask: “How, because a good lawyer costs money, but they don’t exist anyway?” To argue like this is fundamentally wrong. It is better to find the money and pay for the services of a professional who, using the appropriate clauses in the legislation, will prove that you have a temporary difficult situation and will “knock out” a deferment in this way, rather than give away the collateral.
The best way to repay loans is to take them carefully. This means that you always need to realize whether a thing or service is urgently needed to overpay for it? Or maybe you can wait and buy without a loan? If you still decide to take money from the bank, calculate everything several times, carefully study the contract (especially the information printed in small print) and always consider the possibility that you may have temporary difficulties. Good luck!