Some lenders may have already had an agent call or message you on your registered phone number asking you to make payments. Lenders typically issue a notification after the first or second missed payment. Take a look at what you must watch out for and what can happen if you default on a personal loan.Īdditional Read: Difference Between Repo Rate Vs Reverse Repo Rate The warning signs to watch out for personal loan default Lender issues a notification In such an instance, certain personal loan defaulter consequences can be averted as long as there is a discourse between you and the lender.įurther, recognising when things are going downhill can help you resolve at the right time to avoid damage to your finances and credit score. Regardless of your diligence when it comes to borrowing, financial emergencies tend to show up unannounced and may get the best of you. Thus, you must know the full extent of your actions beforehand. Borrowing a loan is a serious financial obligation.
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