Money taken from loans is money borrowed. You need to pay off the amount of what you borrowed on the given due date to keep money moving for others who are also trying to get loans so that lenders can also provide the same.
If you don't pay the loan on time, the company will immediately charge your outstanding balance with interest, penalties, late fees, and possibly other fees depending on the contract you signed with them.
If you do not make a payment you get phone calls to remind you of the loan's due date and how much it is. You will also receive SMS and email to notify you that your account is overdue. If you still don't pay, the account will be marked as delinquent.
The company will send you a demand letter to settle the total amount. If it is still not paid, the company will forward you to the collection agent.
Collection agents are usually more aggressive in collecting. Some say they are rude and embarrassing. They can do door-to-door collections or make a site visit to your office address to collect your payment.
Negative Credit Score
If a credit payment is completely forgotten, there will be a negative credit history with financial institutions. Banks and associations of credit companies provide a "negative list".
If you do pay your debt off, you can re-borrow, get lower interest rates and improve your credit score. There are many benefits to paying off your debt, and there are consequences to not paying off your debt.
Debt does not run away, it builds and gets worse.
Paying off debt makes your credit better and better.
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