what can happen if i do not pay back the loan?

what can happen if i do not pay back the loan?

4 Answers

Various things can happen if you don't pay back the loan. Late payments/missed payments will be updated on your credit report. Your credit score will drop. If the creditors assign the accounts to the CAs, then you'll get regular collection calls from them. If the SOL period on the debts has not expired, then the creditors/CAs can sue you and garnish your wages. 

If you don’t payback the loan, then the lender can file a lawsuit against you. Once the court issues a judgment against you, then the lender can garnish your wages or place a lien on your property.

Yes, they can also turn down your account to the collection agencies and the debt collectors may call you and harass you for repaying the debt as soon as possible.

If you do not payback the loan, the lender/creditor can take legal actions against you and sue you for the debt payment.

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