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What is an extension/ renewal?

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What is an extension/ renewal?

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If you are unable to pay back your loan in full on its due date, you may get a renewal/ extension. That means that you pay the interest that has accrued on your loan in full and the new due date is set. The principal loan amount remains the same, so as the interest rate. You may extend the length of your loan as many times as you wish.

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