I can’t pay my loan: What do I do?

One of the issues that most worries the one who has requested or is planning to apply for one of the fast loans in the market, is what would happen if I cannot pay my loan.In the specific case of MoneyRun Finance Now we anticipate you since there is very little chance of that happening, since we only give online credits to those people that we know that they will be able to deal with their personal loans without trouble.

This is possible thanks to the credit valuation performed by an automated algorithm with which we work. It is a tool capable of analyzing in a few minutes, from the data required in the loan application, more than 20,000 key factors when determining the solvency of the future borrower.

However, contingencies can always arise that result in the dreaded moment of not being able to repay the loan. So that you are not caught off guard in case you find yourself in that circumstance, we tell you below how you can act if you cannot face your debt and what are the possible consequences.

 

What happens if I can’t pay my loan?

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Several scenarios can be given. The first one is that you are aware that you will not be able to pay your credit within 14 calendar days after the signing of the credit agreement. In this case, you can exercise your right of withdrawal of the loan without having to give explanations or be penalized for it.

To exercise it correctly, the borrower has to send the lender his withdrawal by any means that, importantly, records both his sending and his receipt. The notification will only be correct if, in addition to being sent within the deadline, it is documented on paper or any durable media that is available and to which the lender can access.

The borrower has a period of 14 calendar days to exercise his right of withdrawal from the signing of the contract to waive his loan without giving explanations or being penalized

In this regard, it should be noted that the borrower can no longer exercise this right once the obligations agreed in the General Conditions and the Particular Conditions of the credit have been fully executed. Regardless of which they are, the borrower has to return to the lender the amount of credit received and the interest accrued on it until the day of repayment. To do so, it has a maximum period of 30 calendar days from the notification.

 

Loan Payment

Loan Payment

The second scenario would occur when you realize that you cannot face the loan payment after the 14 calendar days that contemplate the right of withdrawal. In this case, as explained in the Frequently Asked Questions section, there is no possibility to request an extension.

The borrower who cannot pay his credit after 14 days of right of withdrawal will have to pay a fixed commission of 20 dollars

The credit will have to be paid according to the terms and conditions set in the contract. Otherwise you will be charged a fixed fee for non-payment of 20 dollars for the steps taken for the procedure. Read more information on our online Personal Loans page.

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