What happens if the loan is not paid off

1.04K views
0

In the event that a payment of the loan or loan interest is overdue, the creditor is forced to apply an overdue fee. These fees are applied if, for example, a bank transfer takes longer than usual. However if you do not respond for a long time, an overdue fee will be charged in the amount, on average, of 0.10% of the initial loan amount and, on average, 0.03% of the amount of consumer loans and credit cards. If you fail to comply with the terms of the loan, your information may be submitted to a credit rating agency, which may adversely affect your credit history and credit rating. The amount owed may be submitted to a debt collection agency for debt collection. A loan extension may not be granted if the amount is past due. When you pay your loan on time, you build a good credit history, which improves not only your credit rating but also your chances of better loan offers in the future.

4.6/5 - (9 votes)

7+ Fast Loans Online in the Philippines - First 0% loan in 15 minutes

Finloo Loan

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / month

Loan amount

25000 ₱

Approval in

5 minutes

First loan free

no
Mazilla Loan

Loan type

Short term

For a period of

728 days

Rate ()

365.00% / year

Loan amount

25000 ₱

Approval in

5 minutes

First loan free

no
MoneyCat Loan

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / month

Loan amount

20000 ₱

Approval in

5 minutes

First loan free

no
Zaimoo Loan

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / month

Loan amount

25000 ₱

Approval in

5 minutes

First loan free

no
CashSpace Loan

Loan type

Short term

For a period of

120 days

Rate ()

0.00% / month

Loan amount

25000 ₱

Approval in

5 minutes

First loan free

no
Binixo Loan

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / day

Loan amount

25000 ₱

Approval in

15 minutes

First loan free

no
Digido Loan

Loan type

Short term

For a period of

180 days

Rate ()

0.00% / day

Loan amount

25000 ₱

Approval in

15 minutes

First loan free

no
mr.cash loan Asked question December 11, 2022