Quick Quid Loans
You can directly contact the lender in case of any delay or problem you might be facing pertaining to the payment process. This way, you can discuss all the available payment options in detail. If the issue cannot be resolved, then the lender has the authority to pass on your information to a third party collection agency.
Consequences of Non-Payment:
It is highly recommended and expected that you pay on time. In case of non-payment, the policies of every lender regarding fees, interest, and collection of outstanding debts, etc. vary considerably. For rearranging your payment schedule, most probably all of them will contact you via phone or letter. Non-payment prompts penalties like extra charges or increased interest rate. Therefore, as soon as you realize that there is any such issue arising, then you must instantly contact your lender. If you ignore this rule, then we have the right to note it on your credit record.
If you cannot repay on time, then you must immediately contact your lender. You will be charged with a late-payment fee ranging between ￡1 and ￡100. The fee completely depends upon the lender's policy. To learn more about this issue, kindly go through your loan agreement's terms and conditions.
To renew your loan, you need to contact your lender beforehand. Most lenders do not increase the interest and fees rate on the entire amount for the upcoming month. If non-payment issue occurs, then your loan will be automatically renewed or extended but in that case, your lender will have every right to increase the charges and/or interest rate.