When it comes to liquidity in daily life, many people use credit as a solution. However, the situation is always volatile and sometimes finds itself unable to repay the loan within the agreed time frame. In such cases, could an application for an extension be submitted? Let's talk about it together。

Can you apply for an extension on a bank loan

The answer to the question as to whether bank loans could apply for a deferred repayment was positive. After a request for an extension is submitted by the user, the bank reviews it. Only after the application has been approved will the bank allow the user to delay the repayment plan. For users who have not passed the audit, repayments are required as originally planned. It is worth mentioning that successful applications are often premised on good credit conditions for borrowers。

How, then, should an application for an extension of repayment be submitted? In general, users are required to submit their applications 30 working days in advance and to explain to banks or lending institutions their willingness to repay and the reasons for their inability to do so in a timely manner. This is followed by an examination by a bank or a loan institution. Typically, the bank completes the audit within 24 hours and consults with the client on the amount and time of repayment。

In general, it is possible to defer the repayment of bank loans, but certain procedures need to be followed. I hope you get useful information from this article. Thanks for reading