The fast-track loan is a non-mortgage credit product introduced by the construction bank, which is quick to review and down, so that the user can get a second, a second, and a second. So, if your construction fast loan is about to expire, can you apply for an extension? Then let's go over it。

Can you apply for an extension when the construction fast loan is due

First, it is true that the construction fast-track loan can apply for a deferred repayment. It should be noted, however, that requests for extensions must be made ahead of schedule and should not wait until the loan expires, which would probably not pass. Moreover, if you wish to increase the chances of passing the application, it is recommended that a “proof of economic hardship” be processed to prove that it is indeed difficult for you to repay the loan on time。

It is important to bear in mind that if you do not make the payments on time, the construction bank will begin to calculate the interest due on the day after the expiry date, with a corresponding penalty and default. Therefore, before the last minute, there must be no delay in repayment。

If the extension request fails, the Bank likewise offers the option of amortization. You can see if there's an application instalment button on the repayment page. If so, it would be possible to opt for amortization without a one-time payment of the full amount owed. But if you do not have this button, it means that you are currently not eligible for amortization and will need to be repaid before the loan expires。

In general, approved fast-lending customers may, within 30 days of the expiry of the loan, apply through a mobile bank or personal online bank for a deferred partial or full repayment of principal. It is therefore important to plan well in advance and to know your repayment dates and available options in order to avoid financial distress。