What happens if I default on my loan?
An example of an AI chatbot conversation about the consequences of loan default.
What happens if I default on my loan?
Defaulting on a loan means you failed to make the required payments. This can lead to serious consequences.
What are the specific consequences I might face?
You could face damage to your credit score, legal action from lenders, and difficulty obtaining future loans.
How long does a default stay on my credit report?
A default can remain on your credit report for up to seven years, affecting your creditworthiness.
Is there any way to recover from a default?
Yes, you can recover by making payments, negotiating with lenders, or seeking credit counseling.
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