|
When you are approved for a loan that is offered by a lender that you are matched with, you must accept the terms and conditions associated with accepting the loan offer. One of the most important terms of the loan is that you must pay back the loan. If you miss a payment, pay your loan late or fail to pay back the loan, it is possible that the lender will charge additional fees for your failure to comply with the terms of the loan. It is also possible that your loan will be handed over to a collection agency. Any failure to pay the loan back as agreed upon can result in a report to consumer reporting agencies. Reporting a failure to pay to these agencies may negatively affect your credit history. It is your responsibility to make yourself familiar with the terms and conditions of the loan. If you find yourself having trouble making a payment, you should contact the lender immediately. Lenders are often willing to postpone payment due dates or lower monthly payments for a temporary period of time. Contact your lender for the answer to any questions you may have concerning the terms of the loan. Be sure to let the lender know that you were matched with them using this service.
|
