– If you are sure that you cannot pay back the money that you borrowed then don t take a loan as this may lead you to legal issues.
Don t take the non-payment issue lightly and let your lender know about your situation so that they can guide you with further instructions to help you out as much as they can.
Not paying your text loan at the due date can lead you to a bad credit score which can be harmful to you in the future when you try to get a contract phone or require a car finance. The lender has the right to report your non-payment to the Credit Reference Agencies who are responsible for the record of your credit score.
A text loan defaulter can be charged with the collection fee which is different from lender to lender. On top of your outstanding interest, you will also have to pay the lender the amount that they may have spent on steps to enforce the rights that are on the agreement.
*UK Payday Loans APR Representative:
Representative 1734% APR
Representative APR Example: Borrow £200 for 28 days. The total charge for credit is £50. Interest is fixed at a rate of £50 per £200 loan (326% per annum). The Total Repayable is £250.