What happens when I don't pay my loan?
My bank gave me a small loan of a 130k. I pay about 3k back every day, however I wonder what would happen if I didn't have money that day to pay it back.
What happens when I don't pay my loan?
Best Answer
Your loan repayments are deducted automatically, so there is no option not to pay them as far as I'm aware. It is possible for your account to dip into the red (into debt), and at this point your loan may be withheld.
If you are in the red for too many days, you will go bankrupt.
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