What is Loan Default and What Happens After You Default?
Loans can be an important tool for turning your dreams into reality. Whether purchasing a home, starting a business, funding education, or buying a car, loans provide the financial means to achieve various far-reaching goals. But with the privilege of borrowing comes the responsibility of repayment and adhering to your loan contract. Unfortunately, not all borrowers can fulfill their obligations, and this can lead to a consequential scenario known as "loan default."