Rolling out a loan is nothing more than postponing the date of giving back borrowed money by a certain time. The loan companies’ proposals are usually 7, 14 or 30 days. Of course, the longer the repayment period you ask for, the higher the costs of the operation that you will incur.
The exact conditions under which the rollover of the loan is carried out are described in detail on the websites of individual lenders. It will be best to look for this information in the ‘Contracts’, ‘Important Documents’ or ‘Promotion Regulations’ tabs.
Will rolling out debt prevent me from being prompted?
Rolling protects against prompts, but only at the beginning. As a borrower rolling your obligations, you don’t have to worry about your lender sending reminders in the form of reminders. It also means that the non-banking company does not want to refer the case to a bailiff and demand payment of bail. Your lender will certainly reserve in the contract that further failure to comply with it will result in either prompts or referral to a debt collector or bailiff.
Below are the companies that offer the possibility of rolling the loan. Detailed information on how it works and how much it costs can be found on the lender’s website.
How much does the rollover loan cost?
According to the act “Anti-usury” effective from March 11, 2016, the cost of rolling a loan can not be higher than 25% of the amount you borrowed. The legislator decided in this way to protect unlucky debtors from unlimited additional fees charged by loan companies.
In view of these legal changes, non-bank companies proposed another financial instrument in the form of loan refinancing. It consists in transferring the current liability of a given debtor to another loan entity that is in the same capital group as the main lender. By charging the appropriate fees, the other company takes on the issue of settling current liabilities, and the borrower gains some time to refund the appropriate amount already on his behalf. Of course, for an additional fee.
Who, however, has a rollover loan on offer? Fortunately, there are a few such companies. For example, Vivus in its payment table very precisely specifies the amount of interest for extending the loan repayment date and the commission for the extension itself. In the event of an extension of 7 days, you will pay interest in the amount of 0.19% of the loan amount and a commission of 10.61%.
Rollover loans – costs
If you manage to roll out the debt for 14 days, the interest will be 0.38%, and the commission – 11.12%. An extension of 30 days is an additional cost of 0.82% (interest) and 12.48% (commission).
Vivus provides both new and regular customers the option of rolling over the loan. However, in the case of the first loan, we have the right to use the service twice, while for subsequent applications we can only count on a one-time extension of the repayment. Repayment shifts are available in 7, 14 or 30 days. If we decide to apply for PLN 1000 for 30 days as new customers, but we will not be able to pay the liability on time, extending the return date by 14 days, we will have to pay a fee of PLN 152.
NEW CUSTOMERS: 7 days fee 14.40% on the remaining amount to be repaid, 14 days 15.20% on the remaining amount to be repaid, 30 days 17.00% on the remaining amount to be repaid
PERMANENT CUSTOMERS: 7 days fee 8.80% on the remaining amount to be repaid, 14 days 9.60% on the remaining amount to be repaid, 30 days 11.30% on the remaining amount to be repaid
In the case of the Smart Loan company, rolling is allowed only under the first promotional loan, i.e. up to PLN 2,000, and the loan period may be extended by the number of days corresponding to the original repayment date. For subsequent commitments, we can use refinancing. You will also have the option of rolling the debt incl. in ŁatwyKredyt.pl, PożyczkaPlus and Miloan.pl. On the other hand, TaniKredyt.pl reserves the right to introduce a promotion as part of extending the loan repayment period, whereby their terms will always be specified on the website.