The time when you think that you are unable to afford your current payments of loan, you can have the option to extend the repayment duration of online loans. Now, it is possible to extend the repayment term of your loan if you are finding difficulty with the existing repayment plan. Extending the repayment duration may give you relief with lower monthly payments but it will increase the interest rates to be charged on the loan amount.
There are several online loans available with the variety of several repayment plans that helps to extend the repayment of loan over the certain period of time. Usually, there are main four repayment options available to extend the payment of loan.
• Graduated repayment: In graduated repayment plan, the applicant have to pay interest only payment on loans for the first few years. After that, the payment will gradually increases over the certain period of time.
• Extended repayment: In extended repayment plan, the borrower can extend the repayment duration of loan over the time period of maximum 25 years. In this, you will be allowed to make the payment over a long period of time at your convenience. Each of the monthly payment will become lower as it is extended for the longer time period.
• Income perceptive repayment: In income perceptive repayment plan, your monthly payment will be solely dependent on your monthly income. It is a smooth repayment plan in which the monthly loan payment can be made automatically with the deduction of your monthly income.
• Consolidation repayment plan: In consolidation repayment plan, the total loan amount will be paid back to the lender with a lump sum payment at manageable interest rates.
Some of the easy steps to extend the repayment duration of online loans are as follows:
1. The first step for extending the repayment duration of your online loan is to visit to your lender’s website to access and search for the different repayment plan options.
2. You can even make a call to your lender to enquire about extending the repayment options.
3. Quickly download the application form to fill out to make necessary amendments in the repayment plan of loan.
4. Provide the relevant information and choose the repayment plan after reading all the terms and conditions of the new repayment option.
5. Assemble all the additional documents to fax the lender that are needed for choosing the new repayment plan such as income tax form, pay slips or proof of monthly earnings.
There are several online loans available with the variety of several repayment plans that helps to extend the repayment of loan over the certain period of time. Usually, there are main four repayment options available to extend the payment of loan.
• Graduated repayment: In graduated repayment plan, the applicant have to pay interest only payment on loans for the first few years. After that, the payment will gradually increases over the certain period of time.
• Extended repayment: In extended repayment plan, the borrower can extend the repayment duration of loan over the time period of maximum 25 years. In this, you will be allowed to make the payment over a long period of time at your convenience. Each of the monthly payment will become lower as it is extended for the longer time period.
• Income perceptive repayment: In income perceptive repayment plan, your monthly payment will be solely dependent on your monthly income. It is a smooth repayment plan in which the monthly loan payment can be made automatically with the deduction of your monthly income.
• Consolidation repayment plan: In consolidation repayment plan, the total loan amount will be paid back to the lender with a lump sum payment at manageable interest rates.
Some of the easy steps to extend the repayment duration of online loans are as follows:
1. The first step for extending the repayment duration of your online loan is to visit to your lender’s website to access and search for the different repayment plan options.
2. You can even make a call to your lender to enquire about extending the repayment options.
3. Quickly download the application form to fill out to make necessary amendments in the repayment plan of loan.
4. Provide the relevant information and choose the repayment plan after reading all the terms and conditions of the new repayment option.
5. Assemble all the additional documents to fax the lender that are needed for choosing the new repayment plan such as income tax form, pay slips or proof of monthly earnings.
Tips:
1. Make a call or email your lender if you are having any query about the repayment options. You can contact your lender for asking about the procedure of extending the repayment duration of online loans.
2. Make sure that you have review all the terms and conditions of new repayment plan clearly to avoid any future risk.
