With the spread of Internet finance, more and more people are using consumer credit facilities. Borrowing is a virtual credit card that pays the treasure, allows users to consume through mobile phones and provides a credit line. In the course of their use, many feared that they would not be able to pay on time, or even that there would be overdue costs. So, if the loan is not due, can it be postponed

Can we postpone the loan until it's due

First, it needs to be emphasized that non-formal credit cards are borrowed. Thus, its repayment rules are not fully consistent with credit cards. If the user is unable to repay the money on time, the loan is automatically withheld from the balance of the payment account or, if the balance is insufficient, from the bound bank card. If there is also insufficient balance in the bank card, it will be processed in accordance with certain overdue rules。

BORROWED OVERDUE CHARGES ARE LOWER THAN TRADITIONAL BANK CREDIT CARDS, BUT THEY STILL EXIST. SPECIFICALLY, THE BORROWED OVERDUE COSTS ARE: 0.051 TP3T PER DAY + $1/DAY DEMURRAGE. THEREFORE, IF ONLY A FEW DAYS WERE TO BE DELAYED, THE OVERDUE COSTS WOULD NOT BE TOO HIGH. IF THE DELAY IS LONG, THE DELAY COSTS WILL INCREASE ACCORDINGLY。

If, then, the user did encounter repayment difficulties, could it be possible to apply for an extension of the repayment? In fact, in some cases, it is possible to apply for an extension of repayment. First of all, it needs to be made clear that borrowing a deferred repayment is not borrowing a overdue repayment, nor is it a normal repayment. The borrowing of the deferred repayment requires an application for payment of the treasure and a certain condition is met。

Specifically, the user will have to apply on the day before the billing date, i.e. before the repayment due date, otherwise the application will be invalid. In addition, users must have made three consecutive payments for three months and within the last two months, on time, in order to be eligible to apply for an extension. The maximum period for requesting an extension is seven days, subject to a certain amount of processing costs。

It should be noted, however, that the borrowed deferred payments are not entirely “without suffering”. During the deferred repayment period, users are unable to borrow for consumption and are required to pay the principal and interest on the deferred repayment on time, failing which the accounting is recorded as overdue, with corresponding overdue costs。

In the light of the above, if the user encounters repayment difficulties, it is possible to consider borrowing to request an extension of the repayment, subject to certain conditions being met and to payment of certain transaction costs. Overdue costs are relatively low if payments are delayed for a few days only; however, if delays are longer, they increase accordingly. It is therefore recommended that users pay on time to avoid unnecessary troubles and costs。