What Happens When People Fail To Repay A Loan?
Lakshya Saini18 Nov, 2023Business
When individuals fail to repay a loan, it can have serious consequences. Lenders may initiate collection efforts, which can include contacting the borrower, reporting the delinquency to credit bureaus, and taking legal action. Loan default can damage credit scores, lead to additional fees and interest charges, and even result in asset seizure or foreclosure. It's crucial to communicate with lenders and explore potential solutions if facing difficulties in loan repayment.
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