The situation in the lending market is not quite good: approximately 25% of borrowers have problems repaying loans. The problem lies not in fraudulent activities or even in the inadequate assessment by bank experts of the client’s solvency. Everything is much simpler - the reason is in ordinary life situations. No one is immune from health problems as well as from job loss. Depending on the nature of the situation, the borrower may lose income partially or fully, as well as experience temporary difficulties with employment.
About a quarter of customers lose their solvency for reasons beyond their control, which, alas, is impossible to foresee. Unfortunately, unforeseen situations cannot be prevented, but you can insure against their consequences. This is not about the insurance program. Credit with deferred payment - this is the most effective option of insurance against chance.
How to get money now and pay later
It is important to understand that deferment and installment plan are completely different things. Some borrowers consider these concepts to be identical, which can subsequently lead to certain problems. A deferred payment is the repayment of a debt postponed to another term, longer than the one specified in the loan agreement. Some loan programs initially provide for deferred payment. The loan agreement shall indicate the down payment required to be paid on time, and the deferral period.
Such credit programs are extremely beneficial for beginning entrepreneurs - not every business begins to generate income right away. It takes time to make a business profitable. Deferral allows the business to grow and significantly reduces the costs of the entrepreneur who has just opened his own business. In some cases, a deferment may be granted individually, even if this clause is not provided for by the loan agreement.
Bank loyalty is not a myth, but a reality
Almost all banks are loyal to borrowers - this is a fact. This circumstance is explained not by sensitivity, sympathy and understanding of bank employees, but by a logical desire to minimize losses. It is worth noting that banks do not show loyalty to borrowers who shy away from fulfilling loan obligations. A client who finds himself in a difficult situation needs to contact the bank's employees, and it is advisable to do this even before losing solvency. The borrower, who has informed the bank's representatives regarding their problems and the current situation, may be granted a deferred payment, even if it is not provided for by the loan agreement.
The deferral period and other nuances are individual in each case. It should be noted that if the borrower was clearly evading credit obligations, then there could be no question of any delay. Although, by court decision, a deferment of payment may be granted in addition to the wishes of banking experts, however, these are special cases, depending on many third-party factors.
To obtain a deferred payment through the court, it is worth using the services of competent specialists involved in resolving issues of a similar plan. It is very difficult for an inexperienced person to convince the representative of Themis in the need for its provision. Many borrowers, having found themselves in a difficult situation, prefer to refinance a loan - in some cases, such a decision is more acceptable than a deferred payment, for example, provided that the client has not completely lost his solvency. Credit brokers offer a variety of refinancing options, allowing you to pay off existing obligations with a new loan at a lower rate.