What if you cannot repay your loan?

The main thing is to act promptly

It is better to contact us in advance than too late. This way you can avoid expensive delay and collection costs and you will not have an entry in the credit information register. We will help you to put your finances in order. You can take out instalment-free months or reduce the amount of your monthly payment, for example.

What happens, if you make your payment too late

If you don't make your payments in time, the process will go forward as follows:

1. First you will receive a reminder for the unpaid invoice.

2. If you don't pay now, the invoice will be sent for collection.

3. If you don't pay the collection agency's invoice, it will be sent for execution proceedings with interest.

Avoid an entry in the credit information register

If your payment is sent for execution proceedings by a district court’s decision, you will get an entry in the credit information register. Losing your clean credit history causes all kinds of trouble. It will make renting a flat, getting a loan or even opening a phone subscription more difficult for as long as the next 2 to 4 years. A payment default entry is usually removed from credit information after 2 to 4 years. You can read more about credit information register on Guarantee Foundation’s website.Opens new window

Choose a monthly payment which suits your situation

Before you take out a loan, think carefully what kind of a monthly payment you can manage without tightening your belt too much. The monthly payment includes the instalment, the interest and the account management fee. The loan opening fee is only paid once in connection with the drawdown of the loan.

FlexiCredit is a flexible loan in that you can change your monthly payment later or apply for a grace period.