What Happens If I Don’t Pay Fitloan?
If you don’t repay a loan from Fitloan or similar lending platforms, the consequences can be significant and damaging over time. In the initial stages, you may face late fees and increased interest rates. Your account can also become delinquent if the payment is at least 30 days past due, which will likely be reported to credit bureaus and remain on your credit report for up to seven years.
As the non-payment period extends beyond 60 to 90 days, your lender will continue contacting you for payment, and your credit score will further decrease with each missed payment.
After three to six months of non-payment, your account will transition from delinquency to default status, leading to more severe derogatory marks on your credit history.
Once the account is 120 days overdue or more, it will typically be charged off, meaning the lender has given up on collecting the money directly from you and may sell the debt to a third-party collection agency.
ALSO SEE: What Happens If I Don’t Pay HiFund?
You’ll still be responsible for the debt, and the collection agency might take legal actions, such as filing lawsuits. If they win, you could face wage garnishment or liens on your property.
To prevent your loan from reaching this stage, try to bring your account up to date before it defaults. Consider budget adjustments, making extra money, or borrowing from friends or family. If that’s not possible, contact the lender for possible adjustments to your loan terms or a new payment plan. If you’re struggling to pay your bills, consider credit counseling for better money management.
For more detailed information on the consequences of not repaying a personal loan, you can refer to Experian’s article here.
FAQS