How do you cope when your loan is over due?

[sincerem]

One thing I never loved is letting my loan to go over due, passing repayment time and extra interest being added to it. That's one reason too, which has kept me away taking loan frequently. I only take a loan when I have something important to do with it, and the interest rate must worth it and not too much. I've encountered a scenario where my loan was overdue without getting noticed of it. I was simply busy, thinking I have no outstanding loan.

When I checked my email, I got a mail from the digital loan company, that my loan is five days over due, I felt so bad, because, extra interest was added to it, due to the fact it went over due. Which is an interest added for every late payment of their loan. It attracted more than 20% of what I borrowed from them, i paid the extra charges to keep my credit score high and avoid any abusive languages from them. Such is my worst experience taking loans, since then, I decided not to take any loan, I just want to maintain my earnings, reduce my expenses to stay clean from loan.

Share your opinion if you've encountered such treatment before.

 

[eldavis]

Honestly speaking, I don't think I would be able to cope, which is why i would ever think of taking a loan. Am the kind of person that I won't be able to eat or rest properly if someone left their money with me, so taking a loan would be worse.

 

[Abigael]

This is what made me to completely stop taking loans too. It is so stressful and disappointing when your loan is overdue and interest is added. You feel so much pressure because now you have to pay back a huge amount of money. It is even worse when you are not yet prepared to pay back the loan.

When this happens, it is best to talk with you loan lender. That is if they even give a platform to discuss late payments, most online loan lending companies don't. But if you get a chance, explain to them why you are not yet able to pay back the loan and ask for a reduction is the interest rate increased.

It is very wise that when taking a loan, you should first plan on how you are going to pay it back. If it is for a business, plan it so well to ensure that you start making profits soon so as to pay back the loan. For personal loans, you should work hard in your source of income so as to earn enough that you can use to pay your bills and still pay the loan.

You can also reduce your expenses so that you can focus on saving money to pay back a loan.

 

[sincerem]

You're very correct dear, the loan should be borrowed with a tangible reason, and plans should be put ahead too in order to pay it back. I can't fancy my hands taking loan when I don't have any source to repay it on time. The reason why I faced the issue of paying excessively on the one I borrowed was because, I was having lots of things running on my mind, and I forgot that I had a loan to cover up. When I realized the debt, I paid it once because I was having money on my savings account. But for the fact that, I spent more than I hope for, I was devastating. Because I didn't plan to pay extra charges for late payment penalty. Such wouldn't repeat itself again, I've taken my time to plan myself, manage my little finance to stay clean and away from loan.

 

[Augusta]

I am one that don't just like the idea of loan after seeing what my uncle went through from taking loan fr.a Nigerian bank that was a great lesson to me. And the worse for him is that he used his only house as the collateral and it was a double mess for him.

He got millions from the bank for an investment that he didn't really understand the nitty gritty of it and that was his undoing. When the investment program went down he couldn't pay back the loan and his only house was seized and auctioned because that was the agreement. So you can imagine what he went through because of taking that loan. He became totally broke and even lose his family because the wife got tired of managing and left with the kids.

But I noticed that my uncle did some things that draw him out of that situation faster. He was positive minded. So even when you have this issue of not being able to pay the loan, having a positive mindset can help. You just think of how you would be raise out of your debt by working towards making money. You can still rebuild yourself by working hard to make mone6.

 

[Ithedicious]

I never had such experience before because I always choose to avoid getting a loan to start up anything . it is not really on my interest to start up any business with a loan. I don't see the need but instead I can just wait to work hard to get the needed money that will be required the start of the business .

I just believe getting the money on your own is just the best way and this can really help you to avoid getting loan and putting yourself in unnecessary stress and pressure .

Although I don't really have the interest to get a loan to start up anything , but in case or in any situation that I have to take a loan for whatever reason , I will always tried to make sure I have a way of paying back the loan rather than paying it back from the business I use the loan to establish.

In most cases when the loan is overdue they will ask you to pay interest just like what is happening to you and it is always better for you to have a source of paying back the loan before you even think of borrowing.