Many of the lenders in our network stick with in-house debt collection practices rather than selling your debt to an outside collection agency, and they will never sue you or threaten criminal charges against you.
Your axis bank personal loan interest rate 2015 may attempt to collect your debt via email, postal mail, telephone, or text message, and they may offer you a settlement so that you can repay your debt over time. All of our green leaf personal loans are required to adhere to the Fair Debt Collection Practices Act which protects you from harassment.
You can contact your lender for more information about its specific policies. Impact on Credit Score. Lenders are within their rights to file reports with the three major credit bureausвЂExperian, Equifax and TransunionвЂif you fail to repay your loan.
This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future. However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history.
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com does not control and is not responsible for the actions or inactions of any lender, is not an agent, representative or broker of any lender, and does not endorse any lender. WhiteRockLoans. com receives compensation from its lenders, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer.
Why do some lenders have cash-reserve requirements. In a word, risk. When borrowers have additional money saved up, they are less likely to miss their mortgage payments at least the first few payments. They are mostly concerned about your payment ability in the short term, versus the long term. Heres why… Your lender may not keep your loan on its books for very long. They might sell it into the secondary market through Freddie Mac andor Fannie Mae (the government sponsored enterprises, or GSEs, that buy and sell bundled loans).
Youve probably heard about mortgage-backed securities, or MBS. Thats what they are. They are bundled securities that are backed by mortgages, and then sold and resold to investors through Wall Street.
You also authorize WhiteRockLoans. com to share your information and credit history with a network of approved lenders and lending partners. Lenders Disclosure of Terms. The lender you are connected to axis bank personal loan interest rate 2015 provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan.
Loan fees and interest rates are determined solely by the lender based on the lenders internal policies, underwriting criteria and applicable law.
WhiteRockLoans. com has no knowledge of or control over the loan terms offered by a lender. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
Late Payments Hurt Your Credit Score.