When is a loan in default?

Updated 1 year ago

Sometimes, borrowers will miss a repayment. Most of the time, they get back on track and continue to pay back their loan.

But if they miss 4 months' worth of repayments, we then classify their loan as in default.

We don't write them off, though. We still actively work with the borrower to collect on these loans, and anything we recover we pass back to you (net of the usual fees).

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