Can You Extend Your Loan With Wonga
In this article we are going to have a look to see if you can extend your loan with Wonga. We will tell you how to go about doing this and whether it is something that is possible for you. If you have borrowed money from Wonga and are struggling to repay the money, then extending your Wonga loan could be a possibility that will save you getting into serious debt problems.
Wonga are a company that offer short term pay day loans. The company charge a very high APR rate but as they offer loans over a very short period you should not have to pay that much back. The problems come however when you can not repay the money agreed on the payment date that you have arranged. If this happens Wonga will add on extra interest and other charges and before you know it you will be owing double what you originally borrowed. So if you can’t pay the full amount on the agreed date, can you extend your loan?
Extend Your Loan With Wonga
So the short and simple answer is yes you can extend your loan with Wonga. This is great news if you find yourself in a situation where you can’t afford the full repayment on the agreed date. There are a few things you need to bear in mind though. The most important of these is that you must contact Wonga before your payment date to arrange a loan extension. If you leave it till after it will be to late and your account will be in arrears, thus they will add extra interest and not grant you more time. Get in contact with them early and arrange a loan extension.
Another thing to remember is that they will want a part payment on your original agreed payment date. If you have absolutely nothing then they will not let you extend the loan term. So you need to arrange a partial payment. The company will not offer you additional funds to help you pay off your initial debt either, you can only take out one loan at a time with them.
It is actually possible to arrange a loan extension more than once. So if second time round you still don’t have the full amount you could extend it again. There is a limit on how many times they will let you do this however, so don’t think you can keep extending your term indefinitely.
When To Get A Loan Extension
So there are times when increasing the original borrowing term is very sensible. Ideally you want to be paying the full amount on the agreed date, but if unforeseen circumstances prevent you from doing this then it is time to apply for an extension. To do this you go in the ‘my account’ section of Wonga and you can apply from there. Alternatively you can ring the company up and sort it out over the phone.
If you do go for an extension then there will be some additional charges, but these will not nearly be as much as if you simply do not pay. Wonga get quite nasty when it comes to additional interest and fees if you simply do not pay on the agreed date. There are some horror stories of people who have borrowed £300 and end up owing over £1000. So the worst thing you can do is ignore the problem and hope that it goes away.
If you are really struggling to pay your full amount back on the agreed date then you need to get in touch with Wonga and make some arrangements. A loan extension can be a very useful tool and this is something that you should really consider if you find yourself in this position. The obvious temptation is to look elsewhere to find the money and try borrowing from another company, but this is how people often end up getting into serious debt. You are much better just trying to stick with the original lender and finding a way to pay them off.
Wonga are a good solution for people who just need that little but of extra money till their next payday. The APR they charge is very high but when you are only borrowing over a very short period this is not really an issue. The real problem with this company comes when you don’t pay back what you owe. Then the interest they add can really start to hurt you and before you know it you are in a downward spiral of crushing debt. A loan extension is a simple effective way to give yourself that little bit of extra breathing space until you can manage to gather the funds to pay off your loan in full. As we have mentioned a few times, the worst thing you can do is ignore the problem. Get in touch with the company and arrange to extend your loan as soon as you possibly can.
More by this Author
A look at what to do if you can't pay your Provident loan back. If you miss your payments, will you incur extra interest charges? What happens if you can't pay your Provident loan back?
A look at if you can pay your Provident loan back early and if this will reduce the amount of interest you pay on your Provident loan.
A look at the top five places to see the Southern Lights.
No comments yet.