What happens when you default in repayment of your loans?

[Passiveearner]

Whenever a person defaults in regards to paying their loans back, then in such kind of scenario, the borrower of money is usually charged interest. This is why I really hate interest and I never borrow money at all. Interest can get accumulated and increase your debts. This also leads to bankruptcy.

 

[Hate2Wait]

Till now I haven't defaulted in payments but we need to do well to not to default as it will attract unwanted penalty for us

 

[Min George]

You would lose your assets and your reputation would be tarnished when you can't pay your loans.

 

[Stardom22]

In most cases the loan guarantors are really in for it to make payments for sure

 

[Hate2Wait]

Thankfully I have not defaulted in the payment of any loan as yet and don't like to do that as it can be lethal for me and my credit score

 

[Stardom22]

Some banks would really reinstate the collateral part of the loans for the truth of the matter.

 

[cherry123]

It is wrong to avoid be6 blacklisted and your colleteral auctioned.if any you need to pay your loan

 

[Hate2Wait]

Although I a have not taken any loan so there is no such issue but if you are then you may face penalty and you need to make sure it does not happen again