The terms associated with the repayment of your loan will also be detailed in the terms and conditions you receive from your lender. In most cases, the lender will simply withdraw the amount you owe—the loan amount plus fees and interest—from your bank account on the repayment date; you only need to ensure that the funds are available on that date. If you cannot do so, please contact your lender as soon as possible. You may be eligible for alternatives like rollovers or extensions that could save you money in the long run.
What if I Cannot Repay My Loan on Time?
First and foremost, you should review your loan offer and finances carefully before filling out the form, and you should never request loan if there is any doubt that you will be able to repay the loan on time. However, our lenders understand that emergencies happen, and many offer alternatives. If for any reason you are unable to repay your loan on time, you should contact your lender as soon as possible. You may be subject to debt collection attempts, but our lenders can never threaten criminal action against you. You should also remember that your debt will continue to accrue interest at a very high rate until it is unpaid.