Cryptocurrency Q&A
What happens if you dont pay back a peer to peer loan?
What happens if you dont pay back a peer to peer loan?
CharmedSun
Thu Nov 28 2024
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6 answers
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I took out a peer to peer loan but I'm struggling to make the repayments. What are the consequences if I don't pay it back? Will there be legal action or penalties?
6 answers
Riccardo
Sat Nov 30 2024
One such consequence is that the peer-to-peer lender may increase the interest rates on the loan.
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CryptoVisionaryGuard
Sat Nov 30 2024
Another consequence is that additional fees may be added to the loan amount.
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Lorenzo
Sat Nov 30 2024
Peer-to-peer lenders have the right to send defaulted loans to collection agencies within 30 days.
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SsamziegangSerenadeMelodyHarmonySoul
Sat Nov 30 2024
Therefore, it is crucial for borrowers to fully understand the terms and conditions of a peer-to-peer loan before signing up.
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KimonoGlitter
Sat Nov 30 2024
This means that borrowers need to be cautious with their repayments to avoid defaulting on their loans.
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