Have you ever defaulted on repaying back your loan?

You

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• Jul 6, 2024

• #21

No, I've never defaulted on a loan repayment because I've never taken a loan in the first place.

 

Hate2Wait

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• Jul 7, 2024

• #22

I haven't took any sort of loan anytime in my life. You can call credit card as a form of loan too but I'm repaying all it's bills well before the time

 

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Fidelia

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• #23

There is nothing that I fear like a damaged reputation. That is why I don't like sleeping on loans. I make sure I pay them as soon as possible.

 

Hate2Wait

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• #24

I haven't taken any loan till now and I hope I don't need to because it's like another unnecessary burden on our chest so I am better of without it

 

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Sawe

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• #25

Fidelia said:

There is nothing that I fear like a damaged reputation. That is why I don't like sleeping on loans. I make sure I pay them as soon as possible.

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I don't like a damaged reputation too. Especially when taking loans from apps. Those people can access your phone contacts and start informing them about your loan default.

 

R

Rubz

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• #26

Honestly, i have never taken a loan and i hope i do not do so ever.

 

cherry123

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• #27

One needs to always try to avoid this so that you don't get yourself into a mess. it is always a struggle when you are in high interest debts.

 

freelancermaria

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• #28

I used to struggle with paying off my credit card debt, but I managed to get on top of it by working extra hours.

 

Hate2Wait

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• #29

It's like a sin to default on your loan because that will negatively affect your CIBIL score and you will face numerous issues in future to get bank loan

 

SHAHID987

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• #30

I remember as only one time I took loan of HBFC for my apartment. But I was extra smart in this case I paid it before it was due so I got extra advantage for doing this, and they decreased the total amount.

 

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Stardom22

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• Thread starter
• #31

Of course yes. I have been reported to the credit bureau for two times because of that.

 

Hate2Wait

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• Sep 4, 2024

• #32

Thankfully this has never happened to me and I will try not to default as it can affect my CIBIl and credit score

 

cherry123

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• Sep 5, 2024

• #33

Nope and I hope I never do because it is never easy to pay back so it is to start with not borrowing at all.

 

Hate2Wait

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• Sep 6, 2024

• #34

Thankfully I haven't but I haven't even took loan too so I guess you can only answer when you take a long term loan

 

Niyi Briggs

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• Sep 9, 2024

• #35

cherry123 said:

The trick in paying back loan is to take the ones you can easily make money to pay back. You would never fail with the payback

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Taking a loan amount that three times less than your income helps you to pay back the loan without stress.

 

P

Passiveearner

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• Sep 9, 2024

• #36

I never try to obtain loans from any commercial Bank or any other kind of financial institutions. This is why I have never defaulted ever.

 

Hate2Wait

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• Sep 10, 2024

• #37

Thankfully I haven't and I am careful of not doing it because it will negatively affect your credit score and will make things tough

 

cherry123

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• Sep 10, 2024

• #38

Being a defaulter comes with issues. it is better to do the needful to avoid unnecessary fees and penalties

 

Hate2Wait

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• Sep 11, 2024

• #39

It's dangerous to default as you need to pay a higher amount of interest in the form of penalty and will affect your credit score