What happens if I miss a loan repayment?

If a borrower misses a loan repayment with Fresh Finance Group Ltd, there are several potential consequences that may arise. Initially, the borrower might incur late fees, which are often added to the outstanding balance. This can increase the total amount owed and may affect the overall repayment schedule. Additionally, a missed payment can negatively impact the borrower’s credit score. Credit scores are crucial as they affect future borrowing capabilities, including interest rates and loan terms. If a borrower consistently misses payments, Fresh Finance Group may consider the account as delinquent, which can lead to more severe consequences, including the possibility of collections or legal action to recover the debt. It is typically advisable for borrowers to communicate with their lender as soon as they anticipate difficulty in making payments. Fresh Finance Group Ltd may offer solutions or alternatives, such as payment plans or deferment options. For more information on policies regarding missed payments, it may be helpful to look on the Fresh Finance Group website for specific guidelines and contact details.