Consequences of Not Able To Repay Back Short Term Loans
Short term loans are meant to help millions of salaried class people to come out of the tight financial spot. In certain cases, people find it difficult to repay back the loan amount. You do not have to worry if you are unable to repay back the loan amount of short term loans. The time may come at any point of time when you cannot afford to repay back the loan amount. The reason may be the shortage of cash that do not allow you to repay back the loan on time. In that case, you have the advantage of extending the repayment tenure of a loan. However, the interest rates and penalty fee will keep on accumulating that may add more financial burden of debts in your life. Some of the consequences of no repaying back the loan amount are as follows: Garnish wages: When lenders are apparent that you cannot repay back the loan amount, he may garnish your wages till the time the repayment of loan has been completed. It basically means that lenders take out the decided amount fro