First of all, to apply for extension, it is necessary to communicate with the lending institution and put forward reasonable reasons for extension. Lending institutions will assess the repayment ability and loan amount of individuals and decide whether to approve the extension application.
Secondly, if the extension application is approved, the individual needs to make repayment according to the new repayment arrangement. There may be some interest or overdue fees, and individuals need to bear additional fees.
Finally, if an individual fails to repay the loan on time and fails to apply for an extension, it will be regarded as overdue repayment. Overdue repayment will have a negative impact on personal credit records, which may reduce personal credit scores and affect future financial behaviors such as loans and credit card applications.
To sum up, the loan is not yet available for extension, but it will increase additional costs and may adversely affect personal credit. It is recommended that individuals plan and arrange repayment plans in advance according to the actual situation in the process of loan repayment to avoid overdue repayment.
Extended data:
According to Article 300 of People's Republic of China (PRC) Contract Law, the borrower has the right to request the lender to postpone repayment before the loan expires. However, whether the specific extension is approved and the relevant fee standards need to refer to the specific contract and the policies and regulations of the lending institution. Therefore, it is recommended that individuals communicate with lending institutions to understand relevant policies before applying for extension. In addition, according to the Measures for the Administration of Personal Credit Information in People's Republic of China (PRC), personal credit information records include personal borrowing and repayment behaviors, and overdue repayment will be included in personal credit records, which will affect personal credit scores and credit records. Therefore, it is suggested that individuals should raise their awareness of repayment, repay on time and maintain good personal credit.