Implications of Non-Payment or late payment
It is important to repay on time. A default fee or raised interest can be charged for non-payment which may affect your credit score. If you are unable to pay on time, we recommend you contact your direct lender immediately and notify them. Each lender has their own policies with regards to fees and interest, and only your lender can provide you with information about your specific loan terms and implications of nonpayment of your loan. Most will contact you by phone or letter in order to rearrange payment. Some lenders may pursue claimants by legal means in the event of repeated non-payment.