Late/Partial Payments: If you do not pay the full amount of principal and interest by the agreed upon due date, you will likely incur new finance changes. Review the payment policy detailed in the loan documents provided by your lender before e-signing, and thereby agreeing to the loan terms.
Non-Payment: If you do not pay, in addition to late fees and new finance charges, your matched lender may take legal action against you. Information regarding delinquency and defaults on the account, may be reported to third party credit bureaus which could negatively impact your credit. Consumers experiencing credit difficulties should seek counseling. Our US Government keeps a list of approved credit counseling agencies.
Extensions/Renewals: Review each lender’s renewal policies for participation and fees. With every extension or renewal, the penalties can be significant depending on the lender, along with new finance charges and repayment date.
Collection: Lenders and/or assignee(s) in accordance with the principles of applicable federal collection practices may attempt to contact borrowers to arrange for payment, via one or more authorized methods, including phone calls and emails.