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What will the loan company due if I can't pay the loan off, or make a payment on time?




Hi!
Welcome to the Forums!

Many things can happen if you don't pay the loan off:

1. Late payments will be reported on your credit report
2. The account may be charged-off
3. Your credit score will drop
4. Your house may be foreclosed

Sub: #1 posted on Tue, 06/14/2011 - 21:47

Good Nelly Good Nelly
Industry Expert
(Posts: 2777 | Credits: )

Hi,

If you can???t pay them the due, then missed payments will get listed on your credit reports. This will result in low credit score and the lender can take away your home and sell it off to get back the money which he had given to you.

So, if you are facing problems in making the payments, you can talk to the lender in order to modify the loan or if that does not work out for you, try to refinance the loan.

Thanks,

Marvel Becks

Sub: #2 posted on Tue, 07/19/2011 - 22:38

marvelbecks marvelbecks

(Posts: 143 | Credits: )

You must have provided your car title as a collateral for the title loan. Thus, if you're unable to make the payments on time, the lender will repossess your car. And then, as previous posters have said, it will have a negative impact on your credit report.

Sub: #3 posted on Tue, 08/23/2011 - 23:55

prompet prompet

(Posts: 21 | Credits: )

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