Important facts to know before you apply for a loan product on this website.
1.Implications of non-payment -
If you are looking into getting a Personal/Home loan, it’s important to fully understand its terms and conditions to avoid any problems. One of the most important things you need to know about Personal/Home loan is repayment. As the name implies, borrowers are required to pay the loan on their next payment. But what happens if the borrower can’t make the payment? Here are some things to consider when dealing with payday loan repayments.
If the borrower can’t pay the loan, lenders usually charge additional fees and higher interest rates on top of the loan amount as stated in the contract. The amount charged varies with different lenders and is based on a lot of factors including the next repayment date.
2. Code of Practice/Policy on responsible lending -
Lending companies can legally use different methods to collect loan payment from the borrower. Payment requests may be done via phone or letter and in some cases, forwarded To a collection agency. If the borrower is still unable to pay, legal actions can be taken by the lender to compel the borrower to pay. Although lenders can sue a borrower for non-payment, most of them rarely consider this option unless necessary. Oftentimes, lending companies negotiate with the borrower and come up with a payment plan that suits both parties. Installment payments and rollover loans are examples of such payment arrangement. Another thing to keep in mind regarding loan non-payment or delinquent debts is it will affect the borrower’s credit score whether the lender asks for payment or not. Thus, it’s important to talk with the lender before the loan’s due date if you can’t make payments in order to avoid these scenarios.
3. Disclosure of renewal policy -
This is a one time loan and hence it cannot be renewed without closing the previous loan or debts with the bank. iIn case you are in need to renewal of your loan you should at least pay 12 minimum EMI before applying the new loan. Please note bank do no renew any loan without your approval or signed document. Please beware with any fake call that is promising you that you will get a renewal of your loan without doing any formalities with the bank.
4. Compliance with other state or local regulations related to short-term loans -
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