Delay payment installment financing ? We have summarized the 5 important things to know in these cases. Below you will find ideas about the consequences and which solutions to take to get new liquidity, a new sum of money.
Often getting money, faced with the failure or late payment of a loan installment, is not easy. With Financemm it is possible, let’s find out how!
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Payment installment payment delay: here are the 2 main consequences
You asked yourself ” if I pay a late payment what happens “? Let’s see immediately what happens in the case of non-payment of one or more installments of a loan or mortgage. The main repercussions:
- the financial or bank can demand payment of interest for late payment
- a late payment of an installment or newsletter of a loan or credit card is subject to a report in the database (such as you can be reported for late installment paid CRIF or Experian).
Interest delayed payment installment financing
Each loan agreement, mortgage or funding must provide for the default interest rate applied in case of non-payment. This rate may vary from company to company, but in all cases it must fall within the threshold rates communicated quarterly by the Bank of Italy.
Each credit institution scrupulously adheres to these conditions, but if the customer is not sure of the effective compliance with the law, the advice is to rely on a consumer association. The latter will calculate if the rates applied fall within the thresholds in force.
Installment paid in Crif Delay and Reporting in the database
This is a delicate aspect. When the payment of an installment is not carried out at the agreed-upon maturity date, the bank (or financial institution ) automatically reports the anomaly to the various contracted databases. What are? They are private companies that manage all information related to a loan; essentially a large database that stores all the activities related to loans, mortgages, credit cards managed by a customer.
When there are negative data, therefore payment delays, the customer will have many difficulties in obtaining more credit. The bank or financial company that you rely on, in the light of the evidence in the database, often proceeds to deny the new loan application.
We will see below what solutions exist in these cases.
Payment installment payment delay: can I get another loan?
One of our customers contacted us by writing to us:
hi all, I wanted to ask you what happens in case of late payment installment financing compass. I have a car loan with them about a year ago. I paid badly due to the bank’s fault and now I struggle to get more money. do you think I can do something? Could it be that I can not do anything for a loan installment paid late ?
This is a case like many, like for example Michele who asked us the same question but specific for another credit institution. In fact, Michele had paid late the installment of an Agos loan.
Is it possible to obtain a new loan in the presence of errors in the database? The answer is yes, but on the condition that the applicant is an employee, hired indefinitely, or a pensioner. For other types of income earners (self-employed, collaborators, temporary employees, etc.) to date there are no real solutions.
What we advise you to be wary of who will ask you for money (in any form) in exchange for the provision of the service offered, or the provision of the loan.
Below we show you how you can get a loan.
Late payment installment loan: the solutions to access the credit
As we have already seen, a report in the database limits the possibility of obtaining financing, new liquidity. There are dedicated loans, which we list below:
- employee loans
- delegation of payment
- payroll loan
The first loan, assignment of the fifth, is a loan to employees, hired for an indefinite period, and retirees. As for the payment proxy, on the other hand, the applicant must be an employee of a private, public or state company.
Finally, the loan is paid in a pay check or a loan that has been changed ; the latter is aimed at employees of private companies only, therefore employees of:
- individual companies
For this type of loan the number of employees is not important (only one employee is sufficient); a minimum of 24 months is required.
We have dealt with this type of financing on another page; for more details you can also visit this page bad loans payers.
Why rely on Financemm?
Delay payment installment financing ? Why choose Financemm? The main reasons are 3 :
- By submitting your request you will not be notified to any database (such as Crif), so if our solution does not meet your expectations, you will be free to rely on another institution without any penalties
- zero costs. Our service is absolutely free, no upfront costs, no additional costs to what is already provided on the loan agreement
- we are a credit brokerage company. The credit broker plays the role of loan brokers and mortgages, so it connects the client with one of the partner banks. This way you will get the best loan on the market, without the commitment of having to compare dozens of financial institutions.