In the Philippines, the fate of anyone with an unpaid loan is to face severe effects. You'll have a lot at stake, and as a result, you'll be bothered by worry, sleeplessness, and other health problems. Hence, being complacent with your loan payments should not be an option.
So, why repay your loan on time? Here are some eye-openers to give you an insight into why.
Also, the asset is not yours if you haven't paid the total purchase price of a vehicle or house to the bank or creditor from whom you loaned money. If you neglect to fulfill your obligations, lenders can easily seize your house or vehicle, even though you've already paid a substantial amount for it. Depending on your loan, you could experience loan repossession or foreclosure.