Sometimes it might be good to take a sms loan that can be extended if you find it difficult to repay it on time, but you should only extend sms in absolute emergency as it can be quite expensive otherwise.
If you know from the start that you will probably have to postpone the maturity date, it is better to take out a loan with a longer maturity instead of taking a loan with an extension. We have many loans with longer maturities here at Snap Credit which are much cheaper than fast loans whose maturity dates you can postpone.
Before you take a small quick loan, you should be absolutely sure that you can repay it in time for otherwise you risk getting delayed fees, the bailiff and payment remarks, and that is something you hardly want to be involved with, right?
However, if you are in desperate need of a sms loan and are not entirely sure that you can repay the loan on time, it may be good to turn to a lender offering sms extension, but keep in mind that the loan will be clearly more expensive if you extend it.
Snap Credit believes that you should preferably refrain from borrowing if you already think in advance that you have to postpone the due date, but of course it is up to you and the lender. In any case, try not to extend it too many times, otherwise it can be ridiculously expensive.
Choose the right loan from the beginning instead
Here at Snap Credit you will find many lenders offering low-interest loans that have repayment periods of 1 year or longer, loans that have a significantly lower interest rate than sms loans with short repayment periods. If you take out such a loan from the beginning, you will receive significantly lower loan costs than if you extend a sms loan that is intended to be repaid within a month. You will find many such loans on our home page and under private loans.
How to extend sms loans
When you want to extend your sms loan you simply log in to the sms lender’s website and change the repayment date, then it is ready. Yes, it is more difficult than most lenders do. There are, however, sms lenders that require you to contact them in person by phone before you can extend your loan, but thankfully this is not as common. Once you have extended it, you will receive a new invoice that has a new due date. If you have taken a regular sms loan, you will normally pay approximately the same interest for the extension as you may do for the loan period before the extension.
In normal cases, you can only postpone the due date for 30 days, but with some lenders you can do it again and again. Just keep in mind that it will be expensive if you extend your loan several times over, so try to avoid it. Sometimes it is better to redeem the loan with a free sms loan or an online credit instead which you can read more about in our article Instead of extending a loan.
Extension of free loans
If you have made the wise decision and taken a free sms loan that has no interest and no fees at all, you can also extend such loans. However, you should be careful about extending free sms loans because if you do, you will usually pay interest for the entire loan period, even for the time that would otherwise have been free. And that is hardly why you take a free sms loan, but it is still good that the sms lenders give you the opportunity if it should trouble.
Remember to always sit down and calculate before taking a sms loan. A small quick loan can be worth gold in many situations and it doesn’t have to be expensive at all to take out a sms loan since the repayment period is as short as it is, but never take a sms loan if you can’t afford and can’t pay back in time.