If the borrower can't repay the loan on time, he can negotiate the repayment method with the micro-loan network. In the face of repayment difficulties, borrowers should contact the micro-loan network in time to explain their own situation and make repayment requests through consultation. Microfinance network will make reasonable repayment arrangements according to the specific situation of borrowers. Negotiated repayment can include deferred repayment, installment repayment and partial interest reduction. However, it should be noted that the borrower should provide true and accurate information when negotiating repayment, and can provide corresponding certification materials.
The borrower needs to sign a loan agreement in the process of borrowing, including the specific way and time requirement of repayment. Generally speaking, the borrower can choose to repay the principal and interest on a monthly basis or in one lump sum. The specific repayment methods and policies may be different due to the different loan products and the borrower's credit status. The borrower should read the agreement carefully before borrowing to understand the repayment methods and policies.