To find out which MaxLend Loans are the most advantageous for you, look at the APR—the Annual Percentage Rate. All lenders are obliged to mention it in their offers to be as transparent as possible. Expressed as a percentage, the APR considers all costs (fees, management fees, insurance costs, etc.) and interest. It, therefore, corresponds to the interest rate you will actually pay during the term of the credit.
Knowing your rights
Fortunately for consumers, the law has imposed maximum APRs that financial institutions cannot exceed. These limits will vary depending on the amount of credit. Also, take note of the total costs related to the loan.
Lenders should tell the borrower the difference between the amount borrowed and what they will have to repay. When getting a loan, consider negotiating the application fee but also the prepayment penalties and, of course, the interest rate.
Having trouble paying back the loan?
Some people may have difficulty repaying the amount due. In such a situation, do not let yourself be overtaken by events and react by asking for help from credit agencies. By law, people who are having trouble paying back a loan can ask the company for some type of leniency.
This can be in the form of extra time to make a payment or decreasing the amount owed each month. If they do not comply with reasonable requests, borrowers can have the court system grant an adjustment of the terms when the borrower proves to him or her that they are no longer able to honor those debts at the current rate.
Getting time to pay back the loan
Once the above process is completed, the borrower can pay a smaller amount each month. However, the loan is not done away with. You will still have to repay it but over a period longer than originally planned.
Do you have loans from several creditors? If you also have difficulty paying them, consider participating in debt mediation or collective debt settlement. Also, do not hesitate to get help. Organizations are designed to find solutions for people who need them.