What if I default my loan?

The case of defaulted loan must be stated in your agreement together with additional fees or other penalties. You should check it out before signing it. If when the loan is due and the lender tries to withdraw the money from your account there is no sufficient funds, the bank charges you a non-sufficient funds fee. And every time it’s done this fee will put you deeper in debt.

In case the lender doesn’t manage to draft the money from the bank account they may call you to collect the loan. They may also call your relatives, friends, colleagues, the boss. And the interest and other fees and penalties will be growing all this time. After 60 days your debt may be sold to a collecting agency.

Besides, the default will have a negative affect on your credit history.


NEED A LOAN? Apply online for a Payday loan in your state!

How much would you like to borrow?

Advertiser Disclosure

COMPACOM.COM is an independent advertising service that provides information and reviews on various companies to help customers compare them and get the best deal. If the company's page is not marked by "Affiliate Sign" and "Affiliate Disclosure", it means we are not affiliated with this business. We just provide the relevant data to help the company promote its services and let the customers find and get the necessary assistance faster.

COMPACOM.COM is not responsible for any products and services advertised and compared. As you click on any advertising block, you are redirected to the third party's website and it's your responsibility to check all the details of the deal. Neither is COMPACOM.COM liable for other companies' logos, names are trademarks™ or registered® trademarks used on our website. Their use does not signify or suggest endorsement, affiliation, or sponsorship. The main aim of COMPACOM.COM is to provide verified information that is taken from the companies' websites and other public sources and supported by the links to them.

COMPACOM.COM can get some compensation for featured placement of certain sponsored products and services, or your clicking on links posted on this website. But it doesn't impact the way the companies are evaluated. Their rating is based solely on real people's reviews which go through a double verification via phone number and e-mail.

We strive to keep all the information on this site up-to-date and accurate but you should check any rates and terms as well as other product or service information on the provider's website.