What happens if you fail to pay back the loan in time: options for solving the problem

Bankate always ready to help customers in a difficult situation. You can take urgent money with us (up to 5000 $) for up to 65 days. Because the process is completely online, the Bankate system is forced to analyze each application for a level of reliability, which is why in some cases it reserves the right to refuse a loan. We wrote about the reasons for refusal in another article, and today we will talk about the situation when the customer is not able to return the money on time.

Why the customer returns more money than he borrows

Why the customer returns more money than he borrows

Every commercial organization, including Bankate, exists thanks to the work of people who create software, provide telephone consultations and improve the online loan system and make it easy to use. These people must also feed their families and receive salaries.

When a customer applies for a loan, he is obliged to return the money within a specified period, taking into account the commission – fees for using the quick loan platform services.

Loans returned on time are a guarantee of the system’s effectiveness. Thank you for your money back in time!

Suppose you have submitted an application and received money from Bankate to your bank account.

Suppose you have submitted an application and received money from Bankate to your bank account.

The loan repayment date is approaching and you are afraid that you will not be able to pay the full amount. What should you do in this situation?

If you are in a similar situation, you can use a simple and convenient refinancing procedure (loan extension). This is an opportunity to extend the loan repayment period by 7, 14 or 30 days.

The loan period is not over yet, but you know you won’t be able to return your money on time? You can apply for refinancing at any time. This is the most optimal and cheap way to extend your loan repayment date.

To apply for refinancing (loan extension), please follow the instructions:

  1. Log in to your customer profile at Bankate.
  2. Submit a refinancing application choosing the period for which you want to extend the loan repayment period: 7, 14 or 30 days.
  3. Pay off interest on the original loan. If you can’t pay back 100% commission immediately, pay 50%. The remaining interest, which you cannot repay at that time, will be added to the refinanced loan.

Let’s look at the refinancing procedure on the example of Anna from Warsaw:

Anna did not receive a salary at work on time and turned to Bankate for quick money. Anna needs 1700 zlotys and she takes this money for 30 days. The Bankate system confirms the application, because Anna always repays the loans, is not on the list of debtors in the bank and provided real data when registering on the site.

Two weeks later, Anna decided to go on vacation, she had to spend money on the ticket, and after returning she realizes that she will not be able to repay the loan on time.

But Anna knows that every problem has a solution – she calls Bankate customer service, talks about her situation and learns that the problem can be solved much easier than she thought: you can extend the loan repayment period yourself by submitting a refinancing application on the client’s profile on the Bankate site.

To extend the loan repayment deadline and activate refinancing, Anna must pay at least 50% commission. If there is no 2180 zlotys to pay off the whole, she pays 240 zlotys and extends the loan period.

What happens next

After the original loan period has expired, interest and commission will be added to the loan principal (the amount that was borrowed), which must be repaid after the extended loan period has expired.

Remember, refinancing will not be activated until it has been repaid at least 50% of the interest rate on the original loan. After the repayment of this amount, the refinancing will be activated, the loan repayment date will be shifted. The website informs about this via SMS and email.

What if the customer does not want to refinance the loan

or it is not possible to pay for refinancing on time?

If the customer does not pay for refinancing (according to the application), or does not submit a request for refinancing at all and does not pay the loan within the prescribed period, after three days from the repayment date of the loan, Bankate looks for another lender who can accept the commitment as for the current loan, that the client should not be entered as a debtor in credit bureaus.

To make it easier, let’s look at the delay on the example:

Paweł went on vacation with his girlfriend Anna, but he did not want to refinance the loan himself, although he understood that he would not be able to pay off on time.

You must know that if, for example, Paweł had a loan for $ 1,000 and there was $ 282 interest on this loan, then when refinancing, all outstanding interest and the commission are added to the loan body. In other words, the client will owe $ 1,282 of the loan body to another lender and the interest rate will accrue to this amount.

It is important to understand that such an extension is a more expensive option than self refinancing, as is the case with Anna. In the case of this extension, the customer will have to pay an interest rate of at least 80% on the first day of refinancing (about which we will inform you by SMS and e-mail).

Please note – if the customer has become a participant in the Bankate promotion and has received a discounted loan, in the event of a delay all interest will be added. That is why it is important to pay back the loan in a timely manner.


Bankate always goes hand-in-hand with clients and offers solution options when there is no time-back option.

The most optimal solution for the customer, if he can not repay the loan on time, is self refinancing (extension) of the loan on his own profile. It is also the most convenient way.


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