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What happens if you default on a personal loan? Key financial and legal consequences explained

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Defaulting on a personal loan can severely impact your credit score, lead to legal action, attract challenging penalties, and reduce future loan eligibility. Learn how to avoid these financial pitfalls and protect your creditworthiness.
The article from MSN Money discusses the severe implications of defaulting on a personal loan. When a borrower defaults, they miss several consecutive payments, leading to a series of financial and legal consequences. Initially, the lender might impose late fees and increase the interest rate. If the default continues, the lender can report the default to credit bureaus, significantly damaging the borrower's credit score, which can affect future borrowing capabilities. The lender might also initiate collection efforts, which could involve aggressive calls or hiring a collection agency. Legally, the lender can take the borrower to court, potentially resulting in wage garnishment or liens on property. In extreme cases, if the loan was secured, the lender could repossess the collateral. The article emphasizes the importance of communication with the lender to possibly negotiate terms or explore hardship programs to mitigate these consequences.

Read the Full Mint Article at:
[ https://www.msn.com/en-in/money/news/what-happens-if-you-default-on-a-personal-loan-key-financial-and-legal-consequences-explained/ar-AA1BKJuo ]