Postponement refers to a delay or adjustment of the repayment time and amount after the initial repayment date, agreed upon by the borrower in consultation with the lending institution. This approach helps borrowers to ease short-term financial pressures and maintain a good credit record。

Can you postpone repayments after a personal loan? How do you apply for an extension

In general, an individual loan may apply to the lending institution for an extension of the repayment if it cannot be repaid on time in exceptional circumstances. Extensions are generally successful provided that they are justified. How, then, should an extension be requested

First, early contact with lending institutions is crucial. You need to contact the lending institution by telephone or e-mail to explain why you need to postpone the repayment before the original repayment date。

Next, it is also important to provide the necessary documentation. At the request of the loan institution, you may need to submit documents such as identification, bank statements, payroll, etc. to support your request for a deferred repayment。

If the loan institution agrees to the extension request, the parties renegotiate and sign a new contract setting out the date and amount of the new repayment. It was therefore necessary to negotiate new contractual terms。

The associated interest and costs may increase as a result of the extension of the borrowing cycle. You need to read and confirm changes in costs and interest rates in the new contract to avoid future disputes。

Finally, strict compliance with the terms of the new contract and timely repayment were essential. This not only avoids poor credit records, but also prevents the generation of catalytic and overdue costs。