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What will happen if I can't pay back the student loan?

WHAT WILL HAPPEN IF I DONT PAY MY LOAN OFF?

  • i borrowed $140 from a loan place and i wander what would happen if i went to another bank to have my new account can the loan place find out where i bank at? what would happen if i don't pay the loan back? and cant afford to?

  • Answer:

    They will DESTROY your credit. Seriously, they will ruin it for many years. The fact that you took out a $140 loan is bad enough (from a credit perspecitve, I'm sure you needed it), failure to pay that back will hurt you for years.

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If you are so immature you should stay away from credit completely until you have grown up a little. If you don't pay, the creditor will refer your delinquent debt to a collection agency who, if you still don't pay, may well issue a court summons. Your credit will be destroyed for 6-7 years

That little tiny loan could possibly amount to almost a grand, by the time they tack on all the fees. They can sue you. Tap into your new account or garnish your wages.

Sorry u need to get extra work , sell stuff. Pay off this loan shark . Failure to do so will increase 140 to up to 1000$ b4 end of yr.. As for Ruin credit - No. It will make a mess of it. visit dave ramsey.com to learn from others expensive mistakes so u don't repeat them.

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