What happens if the loan is not paid off

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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.

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mr.cash loan Asked question December 11, 2022