Repayment of loan
Green Trust Cash offers payday and personal loans. The payday loans should be paid off in total amount on your next payday. They are best for emergencies, and they have high-interest rates. Personal loans are also known as installment loans and should be repaid at a fixed rate spread out over a specific amount of time, often attracting monthly payments. You can apply for automatic deductions from your bank account with both loan types. This means the lender will deduct the lump sum amount you are supposed to repay on your payday or the monthly payments for your installment loans. With automatic repayments of loans, you do not miss any payments or have late payments. For payday loans, the full amount is deducted once, but the payments will be deducted monthly until the full amount is paid for installment loans. The amount you borrowed and the interest rate will affect how long you will take to repay the loan. You may also choose to borrow money elsewhere and settle the debt to avoid repaying higher amounts due to the high-interest rates that most lenders charge.
Steps to repay a loan
Most lenders accept automatic payments directly from their account. When making your loan application, you must fill in your bank account from which the lender will deduct the payments. You also agree on the date of payments once you have your salary. However, the lender may be unable to deduct a direct repayment if you do not have funds in your account. In this case, contact the lender and discuss your financial difficulties and how you can get a loan renewal to avoid additional charges on your loan.
Conditions of loan extension
If you are not in a position to make timely payments for your loan, you may contact your lender and discuss your situation. The lender may charge you a fee for a loan renewal. The fee you pay gives the lender right to delay paying back the loan on its due date as per your loan agreement. Note that the loan fee you pay for the loan extension will not be deducted from your due amount. You will still pay the full loan amount and the interest rates once you start repaying the loan. Clarify with your lender to know if the loan extension option is available. Before signing the documents, it is important to peruse the loan extension or loan renewal policy on the agreement. There are no penalties for a loan extension.
Early payoff
You can make an effort to make early payments by contacting Green Trust Cash to make the direct deductions from your bank. You need to reach out to the lender to determine how you can make your early payments to avoid late penalties. Green Trust Cash does not have prepayment penalties; hence, you can have an early payoff. This will help in saving a significant amount on interest charges.