Its can be helpful to get a loan from PalmPay when you need quick cash. However, what happens if you can’t pay it back?
A lot of unexpected event happen in life. But when they do we need to find a way to keep things up. If you take a loan from palmpay but unable to pay back as and when due, what will happen, or what can you do to save the situation?
Here’s what will happen if you don’t repay your palmpay loan
Late Fees Pile Up
If you miss your repayment, PalmPay will add extra charges. This means you will owe more money because of the interest and late fees. The longer you wait, the more the amount grows. This will definitely make it harder for you to pay off.
Your Credit Score May Drop
PalmPay can report your missed payments to credit bureaus. This can hurt your credit score. A low credit score makes it difficult for you to get loans in the future, whether it’s from PalmPay or other companies.
Palmpay agents Might Call
If you keep delaying payment, PalmPay might involve debt collectors. These are people hired to get back the money you owe. You could receive frequent calls, messages, or even threats of legal action until you repay the loan.
But do not panic because of this. First, the Nigeria government does not give any loan company to harrass their customers. It’s okay if they are reminding you of your debt, but knoe that they are not allowed to harrass or threaten you in any way.
Possible Legal Action
In serious cases, expevially where the money is much, PalmPay might take legal steps to recover the money. However, this may never happen. Again, the Nigerian law protects online borrowers from harrassment and threats.
What Should You Do If You Can’t Pay?
If you’re unable to repay your loan on time, it’s important to contact PalmPay and inform them you’ve not refusing to pay. They might offer you an extension or a way to work out a repayment plan. This can help you avoid extra charges.
In summary, it’s best to avoid missing payments. But if you’re having trouble, communicate with PalmPay as soon as possible. However, do not panic. Palmpay will not harrass you
