Payday loans are a controversial tool that has a bad rep. But through our advising you will see that, used reasonably and in a well-informed way, small dollar unsecured loans can help you out in your hour of need without the bad side effects that come with the territory if you are not cautious. Rely on advice of personal finance experts and make the most out of payroll advancing – we will show you how in this section of our blog!
Once a personal loan has been obtained it is necessary to pay close attention to the expiration of the installments, which normally have monthly frequency. But what happens in case of late or non-payment?
Let’s see immediately what happens in case of non-payment of one or more installments of a loan or mortgage. The main repercussions:
When you do not pay back your personal loan on the maturity date, the institution that have granted it will not wait until you start paying again. What do you need to know under such circumstances?
From the first unpaid deadline, the credit agency will send you a letter, to inform you of the consequences of the non-payment of deadlines.
At the second due date, the credit institution can register you with the Credit Bureau. If you do not repay the amounts due, your registration will last 5 years. However, upon regularization, your name should be removed from the file in the following weeks. Continue reading