fairknowledge / October 2, 2019
EVERYTHING YOU NEED TO KNOW ABOUT MYJAR
My Jar Non Payment Implications :- When you fail to repay your loan on time the penalty may imply. The implications of non-payment of your loan amount could include adverse information being included within your credit report. Please be reminded that if you do not repay your loan on time, it may affect your credit score. Nonpayment may affect your credit score and make it difficult or expensive to obtain credit in the future, in addition to further charges potentially being added by the lender.
So we advise that you contact the lender in the first instance. Credit checks We do not perform any credit checks however if you have very poor credit, a lender may perform traditional credit checks from a credit reporting bureau. This also depends on the term of your loan.
If you default, you may be charged a collection fee (which varies from one lender to another), plus interest on the balance outstanding at the interest rate payable under the agreement. the lenders rights against you under your agreement. Collection process We are not involved with the collection practices. If you feel that you will have difficulty re-paying, please contact your lender immediately.
MYJAR renewal is not recommended by us. However, if you do wish to renew your loan you will need to contact your lender prior to your re-payment date. In most cases renewals will still have the same rates of interest as your previous loan, but it depends over lender to lender. So you are advised to contact your concerned lender in case of your loan renewal and extensions.
Resource: MyJar | 1st Class Loans