What happens if I default on a loan from DealStruck?

If a borrower defaults on a loan from DealStruck, there are several potential consequences that the individual should be aware of. First and foremost, defaulting on a loan typically leads to a negative impact on the borrower’s credit score. This decrease in creditworthiness can hinder future borrowing opportunities and result in higher interest rates for any loans taken out in the future. Secondly, DealStruck may pursue various collection efforts to recover the outstanding balance. This could involve reaching out to the borrower for payment arrangements or possibly involving a collections agency. In some cases, legal action could be taken to enforce repayment, depending on the loan agreement's terms. Additionally, the borrower may face fees associated with late payments or default, further increasing the total amount owed. If the loan was secured against collateral, such as business assets or receivables, DealStruck may have the right to reclaim those assets to satisfy the outstanding debt. It is important for borrowers to communicate openly with DealStruck if they are struggling to meet their loan obligations. Many lenders are willing to work with borrowers to develop repayment plans or alternative solutions to avoid default. For more specific details or potential options to consider, it may be beneficial to review the information provided on DealStruck's website, as it may have the latest updates and contact information if needed.