4 Top Reasons That Could Make You A Defaulter
Nobody likes to stay in debt. On most occasions, a borrower is forced to become a defaulter because of sudden turn of events in his life or some bad decisions, which could be one of the following or a combination thereof: I. Loss Of Job Unemployment means that there will be a halt in the inflow of money. Hence, the borrower will focus more on resolving urgent monetary issues such as food and clothing rather than repaying the loan. II. Unfair Terms And Conditions Of Loan Many times a person needs the money so much that he chooses the first loan that is offered. Unscrupulous lenders take advantage of the sorry state of the borrower and they lure him with a big amount. However, when it comes to repayment of the same, the borrower fails to comply and that is how he defaults. III. Misunderstanding Of Repayment Schedule/Amount Seeing the amount and easy availability of a loan, many borrowers do not pay much attention to the repayment schedule/amount. At the tim