The thing about taking a new sms loan to pay off an old one is rarely a good idea, probably everyone knows. But what the hell do you do if you really can’t afford to pay off a loan on time? Well, first and foremost, you should try to skim as much as possible, so ignore all the glitches and avoid buying things that put a gold edge on existence even though it is terribly boring. Remember that you will be debt free the following month instead. But what should you do if you don’t manage to get out of the trap? Let’s look at that now.
If you only have to postpone the payment for a month
Of course, if you have an extendable sms loan, you can do it, but the thing with the extension is in cheap history. For example, if you take out a loan to pay back within a month and extend it for another month, it will probably be twice as expensive.No, if you only have to postpone the payment for a single month, it is much better to take a free sms loan instead, but then of course it must be as large as your old unpaid loan. In addition, you may not get a loan from the lender before, as only new customers can borrow for free and so the lender must of course accept your application, but it rarely costs anything to apply. So just test it, you see.
Yes, there are actually sms loans without interest and fees for new customers, regardless of what you have been informed about in the media. Today, there are five lenders that offer completely free sms loans and four online loans that have an interest-free month. The largest interest-free and fee-free loans are USD 6,000 (Lite Lender) and USD 5000 (Cream Bank). The USD 5000 loan may not be the best since it only has a maturity of 14 days, but Vivu’s loan has a 30-day repayment period. However, you should be 100% sure that you can repay the free loan on time because otherwise you will have to pay interest from the day you took it. Thus, an interest-free sms loan is just something for you who need to postpone the payment in a single month.
Online credit – usually the best option
Actually, it is better to take an online credit instead of an interest-free sms loan if you want to avoid an expensive extension of your loan, there are two reasons for that:
- If you pay for it and fail to repay everything within a month, you still don’t have to pay any interest for the first month. You only have to pay interest for the time after that.
- Even though you may start paying interest after the first month, the loan cost is usually much lower than when extending the loan.
Disadvantages on where to get Loans
The only disadvantage of taking an online credit instead of a free sms loan is that you can be tempted to use the credit again after it has been paid off and that means you get new loan costs. Another disadvantage is that these loans have a clearly higher interest rate than an ordinary bank credit. The advantages of online credit are that they are usually as easy to get as regular sms loans and that they are paid out as quickly.
If you are generally having trouble getting your finances together, you can read our article on becoming debt free. And please read our article that sometimes it is better to leave the debt than to draw on new loans.