What Happens If I Don’t Pay Sycamore App?
If you don’t repay a loan from Sycamore, a mobile app that offers collateral-free personal and business loans in Nigeria, the specific consequences can vary but generally align with those associated with non-repayment of unsecured loans.
Initially, you might face increased interest rates and late payment penalties. Sycamore’s interest rates range from 3.5% to 5% for personal loans and 5% to 10% for business loans.
If the loan remains unpaid, it could lead to negative impacts on your credit score. Persistent non-repayment might also result in the account being sent to collections, where collection agencies attempt to recover the debt, which can stay on your credit record for up to seven years. In extreme cases, legal action might be taken to force repayment.
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Sycamore offers loans ranging from N100,000 to N5 million for personal needs and N500,000 to N5 million for business needs, with flexible repayment plans of 3 to 9 months for personal loans and 3 to 6 months for business loans.
The maximum annual percentage rate is 72%. It’s important to contact Sycamore or seek financial advice if you’re struggling with repayment to explore possible solutions like restructuring the loan or setting up a new payment plan.
For more information on the Sycamore app and its services, you can visit their App Store page.