What Happens When a Loan Isn't Repaid?

Shaan04 Oct, 2024Business

Failure to repay a loan can lead to serious consequences, including damage to credit scores, increased interest, legal action, or asset seizure. Lenders may pursue debt collection, negatively impacting a borrower's financial health. Understanding these risks and exploring options like restructuring or negotiation is crucial for borrowers facing repayment difficulties.