What does it mean to default on a short-term loan?
When you default on a short-term loan, you’ve failed to make payments according to the contract you signed with a lender. Many lenders are forgiving, offering payment plans and extensions. But if you’re unable to repay your loan, you may default — which could lead to extra fees and even a visit to the court if your lender pursues legal action against you.
I been in the hospital for two weeks and can’t make my schedule payment.
Hello David,
Thank you for your comment.
Sorry to hear about your hospitalization. Please contact your creditor to see if they will charge you a late fee and how you both can agree on the repayment term.
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Regards,
Jhezelyn