PalmPay Loan is a easy and quick loan to get with you have a good transaction history on the payment app. You can easily get the loan simply by checking your eligibility and once you're qualified, within a minute, the eligible amount will be disbursed into your PalmPay wallet.
However, quick and easy access to the loan is a thing, while repaying the loan in due time is another thing. If you're curious to know what is going to happen when you don't repay a PalmPay Loan, I will tell you everything you need to know about PalmPay Loan defaulters.
What Happens If You Don’t Repay a PalmPay Loan
Failing to repay a PalmPay loan can lead to several consequences including legal and illegal ones. Here's what will happen when you fail to repay the fintech Loan:
1. Harassment and Embarrassment
According to personal experience, PalmPay will start to call you on the day your Loan is due for repayment. The customer care that call you may ask you nicely to repay your loan and remind you. But, the person will not take it nicely with if he calls you the second time. In other words, calling you the second time will bring several harassment and insults. In-fact, if you don't comply in the first call, if may lead to harassment.
2. Contacting your Contacts
After the harassment calls and you're still hesitating to repay the Loan, then the Loan company will be forced to access your contact list and start messaging your contact to inform them about your loan defaulting.
In other words, Palmpay, like other instant loan apps, imposes late repayment fees if you miss your loan due date. These fees accumulate over time, increasing the total amount you owe. To avoid higher repayments and additional costs, make sure to repay your loan on time.
In summary, accumulating interest can greatly impact financial outcomes, making it essential to grasp its effects on both investments and loans.
4. Your Credit Score will be Impacted
Failing to repay your PalmPay loan can have a serious impact on your credit score..
In addition, frequent rejections and difficulty securing credit can limit your financial flexibility and hinder your ability to make significant purchases or investments. This can affect your long-term financial goals and stability.
To preserve your ability to access future loans and maintain financial flexibility, it’s essential to make timely repayments on your PalmPay loan and manage your credit responsibly.
6. Legal Actions
Failing to repay your PalmPay loan could escalate to legal action, which is a serious consequence. Here’s what you need to know: when you miss payments and your debt remains unresolved, PalmPay may decide to take legal action to recover the amount owed.
