Some of the lenders in our network may automatically renew your short term loan if it becomes past due. This term is clearly identified in your loan agreement.
You should check wording for personal loan agreement loan agreement for your lender's policy on automatic loan renewal prior to e-signing it. If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up.
Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
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