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?
SumoPowerful
Sat Dec 14 2024
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7 answers
1935
I took out a peer-to-peer loan but I'm wondering what the consequences would be if I don't repay it. Will there be any legal action taken against me or will it affect my credit score?
7 answers
JejuJoyfulHeartSoulMate
Mon Dec 16 2024
Specifically, this process can begin as early as 30 days after a loan defaults.
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KimchiQueen
Mon Dec 16 2024
Late payments are not tolerated by P2P lenders.
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Federico
Mon Dec 16 2024
In response to late payments, P2P lenders may increase interest rates.
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AzurePulseStar
Mon Dec 16 2024
Peer-to-peer lenders have the right to send defaulted loans to collection agencies within a short period.
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Tommaso
Mon Dec 16 2024
Additionally, they may also impose additional fees on borrowers.
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