When you take out a loan, you enter into a legal contract with the lender.
This contract makes you liable to repay the obligation as set forth in your loan agreement.
What happens if you can’t make a loan payment?
- Contact us immediately to explain your dilemma
What are the consequences of ignoring loan obligations?
- The creditor may take possession of the security pledged on the loan
- Your financial institution may call the loan due payable in full in event of default
- Your credit rating may be negatively affected which could harm your future credit worthiness
- Credit quality may be utilized to determine insurance premiums and employers may evaluate credit as part of their hiring process