Instant payday loans: what happens if I do not return them?

Applying for instant payday loans with a really fast lender is a good way to get extra money. However, if our financial situation is complicated, we may not be able to return the amount borrowed on time. In that case, we risk suffering penalties for non-payment that can further harm our economy, but we can avoid delays if we act prudently and take full advantage of the lenders’ conditions.

What happens if I do not repay a personal loan with Asnef?

Like the other entities, the companies that grant personal loans with Asnef will sanction us in case we do not return the money within the agreed term. Generally, they can apply three penalties: make us pay for the delay, including the debt in the list of defaulters and claim the payment of the personal loan with Asnef through the courts.

Economic sanctions

If we do not pay the amount and interest of the personal credit with Asnef within the term, the first measure that the company will take will be to apply economic penalties. These sanctions will be hardened if the delay is prolonged, so the longer we take to repay the personal credit with Asnef, the more money we will have to pay.

  • Late penalty: it can be a fixed percentage of the amount that remains to pay or a daily interest, depending on the company.
  • Charge management costs: the lender will charge us a fixed amount each time you inform us of the non-payment of the debt. The amount of the fee may vary depending on the entity.

Registration in delinquent lists

If the default is prolonged, the lender will include our data in a register of defaulters, so that the debt contracted with the company will be added to the one we already had. Remember that virtually no entity will grant us credit if our debt exceeds € 1,000 or € 2,000. It is also possible that we have requested personal loans with Asnef to get out of the “blacklist”. If we do not return the money, they will re-enroll us in the list, so the credit will not have been of any use.

The claim by judicial means

Claiming the payment of the debt is usually the last resort used by companies to reimburse personal loans with Asnef. If we lose the trial, we will have to pay the credit, the costs of delay and the costs of the judicial process (fees, lawyers …). However, before reaching this point, companies often hire the services of a collection company, which can also mean a lot of inconveniences.

3 tips to return personal credits with Asnef on time

The penalties for non-payment of personal loans with Asnef are hard, but they can be avoided. If we follow the following tips we will not have problems to pay on time:

  1. Select the exact amount we need. If we ask for more money we will have to pay more in interest, which can complicate the return.
  2. Have a good income forecast. We must select the return period taking into account when we will receive our income (payroll, pension, unemployment benefit …) and foreseeing possible arrears.
  3. Extend the deadline before it expires. Some companies allow us to extend the deadline so that we can return your personal loans with Asnef on time. This service has a cost, but it always comes cheaper than not paying.