What happens when you default in repayment of your loans?

[Stardom22]

In my country when the borrowers fail to repay back their loans, the lenders usually do the reinstatement of the collaterals. ln that situation the borrowers remain with nothing absolutely.

 

[Starmix]

It's not advisable to borrow money with interest. I stay away from loaning and borrowing of money.

 

[nomad]

In our country, if you don't pay your loans for many months, you will be blacklisted and your colleteral will be auctioned.

 

[King Belieal]

The real danger in failing to pay your loans is that you would have your credit score badly damaged. You would not be able to get a loan even when you genuinely urgently need funds.

 

[cherry123]

Some lenders would just come to embarrass you to cause you Shame. So avoid getting shamed start with paying the high loans

 

[Niyi Briggs]

In my country when the borrowers fail to repay back their loans, the lenders usually do the reinstatement of the collaterals. ln that situation the borrowers remain with nothing absolutely.

For some loans that are not secured with a collateral, the guarantor would have to step in and pay the loan.

 

[Fidelia]

Those on-line loan sharks would take your contacts and begin to shame you. I hate taking loans from them.

 

[Passiveearner]

It's not advisable to borrow money with interest. I stay away from loaning and borrowing of money.

I really hate usury and there are many reasons for that. Many people not only get their mortgages confiscated, but they may also end up paying interest. Sometimes I don't even understand why people even borrow loans in the first place.

 

[Starmix]

I really hate usury and there are many reasons for that. Many people not only get their mortgages confiscated, but they may also end up paying interest. Sometimes I don't even understand why people even borrow loans in the first place.

Some people apply for a loan without a valid reason. They just want to enjoy spending being a one day millionaire.

 

[Passiveearner]

Some people apply for a loan without a valid reason. They just want to enjoy spending being a one day millionaire.

It seems like many people have the habit of taking loans. This is why many loaning apps have been able to take advantage of many innocent people. The government in here has failed to take any action against them these apps get access to sensitive information of user and misuse the data.

 

[Starmix]

It seems like many people have the habit of taking loans. This is why many loaning apps have been able to take advantage of many innocent people. The government in here has failed to take any action against them these apps get access to sensitive information of user and misuse the data.

It is better to stop that habit of applying for a loan without a concrete purpose. They will only torture themselves.

 

[You]

I don't take loans, so defaulting on repayment isn't a concern for me. Instead of borrowing, I save and budget to achieve my goals.

 

[eldavis]

It depends on where the loan was collected from and the rules they have in place. For most cases messages would be sent to all your contacts telling them you are owing. Some tend to even send threat messages.

 

[Sawe]

When you default on paying your loans in an online lending app, they will harass you with messages and calls. They can even access your contacts and embarrass you to them. That is why it is better to her loans from secure sources like the bank.

 

[Springtime]

Here, if you are not repaying your loans on time, your collateral will be auctioned, or your guarantor has to pay the money for you.

 

[Hate2Wait]

Here, if you are not repaying your loans on time, your collateral will be auctioned, or your guarantor has to pay the money for you.

The same thing is here too and I guess in other countries too because banks do operate like that in most of the countries

 

[Rubz]

In my country, when the borrower fail to pay back their loan, the lenders also do the reinstatement of the collaterals. Some lenders even go as far as being violent with the borrower.

 

[Hate2Wait]

It's the same in India too and I am sure in most of the countries its the same and this is why they made this mandatory and we need to pay loan on time

 

[Ratine]

Most lenders would reinstate the collaterals and auctioning of the borrower's resources if at all the collaterals couldn't totally cover the whole loan.

 

[King Belieal]

In some places, you might have to forfeit your assets or face legal proceedings for failing to payback the loan.