Personal Loan With Default

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Posted on October 25, 2018 at 17:49 PM

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What are the Consequences of Defaulting on a Personal Loan?
Any time a loan goes into default, the lender will notify the credit bureaus, and this is a detrimental mark against your personal credit. If your loan is unsecured, the affect on your credit is multiplied.
What Happens When You Default on a Loan? - Make Money Personal
If you default on a car loan, the vehicle can be repossessed and sold. Again, you might owe any deficiency if the car sells for less than you owe (which can happen due to quick depreciation , or if you’ve somehow gotten upside-down on the loan ).
What happens if I default on a loan | Credit Karma
Borrowers may also default on personal loans, auto loans, mortgages and other types of debt obligations. Potential consequences of defaulting Depending on the creditor and loan type, your account could go into default after a single missed payment.

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