Can I extend my loan repayment date?

If you think that you will be unable to repay your loan on your due date, please contact us as soon as possible before your repayment date. If you do not contact us before your repayment date, any default fees which have become payable will still be charged – please see "What happens if I don't repay my loan (and any other amounts due to us) on time?".

If you contact us in good time, we may let you repay your loan at a later date (but we do not have to do so). We will consider the position on a case by case basis. We will consider the circumstances that prevented you from settling the loan on time and how an extension would help you settle the loan. Even if we grant you an extension before your original repayment date, the default fees for late payment will still apply on that occasion.

Please note that a cashasap.co.uk loan is not suitable for long term borrowing as the costs of payday loans are likely to be significantly higher than other forms of lending which are designed for borrowing over sustained periods. If we let you repay your loan at a later date, you will still incur the £10 missed payment fee and interest will continue to be added to your outstanding balance on a daily basis until you repay the loan in full. The sooner you repay your loan the less interest you will have to pay.

We may (in our sole discretion) allow you to extend or "rollover" your loan. Please note that if we do, the associated costs of borrowing are likely to be significantly higher than other forms of lending which are designed for borrowing over sustained periods. We will require you to pay any interest you owe before the term of your loan is extended. We will not allow you to rollover your loan more than twice.

We will send you an FCA Information Sheet when we agree to extend or rollover your loan (or if we agree to refinance an existing loan).

Rolling over your loan will not constitute a new agreement. You will continue to pay interest on the full amount of the loan during the extension period.

For example, if you take out a loan of £100 for a period of 20 days, you will be required to pay the following at the end of each additional 20 day rollover period to fully settle your cashasap.co.uk loan:

 

Amount of loan

APR

Repayment on the original repayment date

Repayment after Rollover 1

Repayment after Rollover 2 

No further Rollovers possible

£100

1,375%

£115.89

£141.78

£157.67

 

 

Please note that the charges shown in the above table are only an example and the actual amounts you must pay will depend on the amount of the loan, the length of the extension period and the applicable interest rate. In any event, the table does not apply unless you have contacted us prior to your repayment date and we have agreed to extend your loan.

If you miss your repayment date, you will incur default fees which mean that the amount you repay will be much higher than what is shown in the table – please see "What happens if I don't repay my loan (and any other amounts due to us) on time"?


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