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The repercussions of delinquent loans may be far-reaching. For borrowers, the most immediate consequence is the impact on their credit rating. A decrease credit rating can hinder their capacity to safe loans in the future or result in larger rates of interest on any credit score they do acqu

n Missing a fee in your loan can result in a cascade of penalties. Initially, your lender could charge a late fee, and your credit score might take a hit if the fee is over 30 days late. Continued missed funds can classify your loan as delinquent, resulting in elevated rates of interest and potential legal penalt


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What is a Delinquent Loan?
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