Getting poor credit personal loan is not really hard nowadays because there are many loan providers who are offering such financial assistance. The ability to repay the loan is the most challenging part for the borrowers. There are many possible consequences a borrower needs to face if he or she fails to repay the loan. It is important for you to know all the possibilities so that you can avoid taking the unnecessary financial risks.
Possibility No. 1: You need to bear high late fees
In general, most of the bad credit loan providers charge extremely high late fees for borrowers who delay their repayments. If you have many missed payments or late payments, you must be prepared to bear the huge financial cost. It is indeed an additional financial burden for you.
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Possibility No. 2: Your credit score will be lowered
You have already got poor credit rating. What if you fail to pay back your loan again? The definite result is your credit score will drop dramatically and you will never be able to get any type of credit in the future unless your loan is fully paid. If you are in the midst of applying for any financial assistance, your plan will definitely be affected.
Possibility No. 3: You have to face the collection action
When you don't make your monthly repayment on time, you should get yourself ready to receive the collection phone calls from your lenders from time to time. The creditors will chase you for payment through non-stop phone calls and reminder letters. They may use threatening tactics to "force" you to repay your debt.
Possibility No. 4: You have to face the legal proceedings
When the borrowers fail to make minimum monthly payment to their lenders, the lenders have the full right to take legal action to sue their clients. The lenders can file small claim reports on their debtors in a local court. As a borrower, you will be receiving court papers and you are required to attend to the court. If you lose, a judgment for the plaintiff will be granted and it is compulsory for you to pay the court fees. At the same time, you still need to pay back your debt.
Are you really ready to face the music for not paying your loan? Frankly speaking, the financial cost you need to bear is quite high. If you don't wish to face the possible consequences stated above, make sure that you work hard to pay back your loan on time.
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