What Are the Consequences of Not Returning Quick Credits?

5 days
30 days
Loan term
30 days
Loan information
Quick credits 2020

The new fast credits offer many benefits both for application and for money back. Beyond the fact that the requirements to request a loan are very few, these credits are also flexible in other aspects and allow those who request them to choose the optimal time to return the money requested. However, no one is exempt from encountering some unforeseen inconvenience that prevents them from returning that money within the chosen period. What happens in these cases? Are there consequences? When a client is not able to deposit that fast credit money in the account on time, whatever the reason, his situation can always be considered.

In principle, there are two very different situations when not being able to return fast credits. If the deadline chosen for the return of money is met and a deposit was not made in the bank account, it may be only a delay. Delays do not carry significant consequences, but they do carry a penalty. In the cases in which the fast loans are not returned within that selected period and this situation extends to a point where the applicant will not be able to return the money at any time, the consequences in credit matters are, of course, other. For situations like the first, there are ways to minimize the consequences; However, the second case, since it is extreme, cannot be contemplated by a company that offers these fast and online credit.

Consequences for delays in a fast credit return

The consequences of delaying a return are, as in most financial services, an increase in the amount to be returned, which is interest. These interests usually increase with each passing day and are 1%. This means that, if 100 euros were requested, a delayed day implies having to return 1 euro more, and the amount to be returned, that is, a new debt, will be 101 euros. This new debt will increase again by 1% if the applicant takes another day to make the deposit. In the delay of the payment of the fast credits, the only consequence is an increase of the first amount that was originally requested; however, the applicant's credit situation is regularized as soon as he cancels his debt.

Consequences of a non-payment of fast loans

When, having increased the debt on a daily basis because of the delay, the payment is finally never made, the consequences for the applicant are different. Of course, considering the facilities of fast loans, these cases are rare. What happens when it is not paid is that the applicant's credit capacity is affected and this will prevent him from applying for new credits in the future or, probably, from accessing other financial services.

What to do if quick credits cannot be returned on time

Faced with not being able to comply with the payment in the corresponding period, the applicant can immediately contact the company that provided the fast online credits to report their situation and consult about the alternatives or facilities that they can access. For example, it is possible, and it is also advisable, to contact the fast credit company and request a deferral. This is an extension of the due date of the corresponding payment and allows the person who must pay to have more time to resolve the unforeseen event that prevents them from fulfilling their obligation.

How to minimize inconvenience with fast online credits

Of course, one way to minimize payment hassles starts before you apply. Anyone who is interested in requesting loans should find out about the requirements they must meet and how the process is carried out, but they should also be well informed about the terms and conditions of the credits. The terms and conditions provide information on the responsibilities that the company assumes, on the responsibilities that the client must assume or on other details that are important to take into account. On the other hand, there is also a section with legal information to know more about the conditions of fast loans. On the quick credits page , you can find the necessary information about the conditions that must be taken into account when requesting quick credits .

about the author

Maria Solis Burley

Credit consultant in Spain. Financial Analyst at Crédito Victoria.
LAST UPDATED: August 12, 2019