a) A financial institution may offer for you to pay a little now and pay the rest after your next payday.
b) You can borrow money from friends and family.
c) You can ask to get out of your loan.
d) Your financial institution might allow you to defer the loan but you’ll have to pay the interest.
Answer: The right answer is Option C) You can ask to get out of your loan.
Getting out of a loan, especially if you’re already behind on payments, might not be a straightforward option. Lenders typically have specific terms and conditions for loan agreements, and attempting to exit the loan may come with penalties or other consequences.
Other options could be available because:
Option A: The lender may allow you to make a partial payment immediately and pay the remaining amount on your next payday. It depends on the lender.
Seeking financial assistance from friends and family is a common option. This involves borrowing money from people you know and trust. While it may provide immediate relief, it’s important to communicate clearly about repayment terms to avoid potential strain on relationships.
Loan deferment involves postponing the repayment of the loan for a specific period. While this option can provide temporary relief, interest may continue to accrue during the deferment period. It’s essential to understand the terms of deferment, including how interest will be handled, before choosing this option.