If you fail to pay back the required amount then you may be charged additional interest or late fees. All our loan providers adhere to and follow all applicable collection laws and guidance.
If you miss a loan payment it is likely that you will be expected to pay an extra charge. It is also possible that you will be required to pay further interest on the amount already owed. This is further interest on the entire loan amount owed to that point, in addition to the original loan amount you borrowed.
The actual consequences will vary and depend on the specific loan provider who provides your loan. The loan provider may initiate collection procedures and your credit score may be adversely affected if your payment obligations are not met. Your debt may be placed with a collections agency who may take any collections actions allowed by law.