What happens if I miss a payment on my CreditPlus loan?

If you miss a payment on your CreditPlus loan, there may be certain consequences. Firstly, you may incur a late fee, which is typically charged to cover administrative costs. This fee can increase the overall cost of your loan. Additionally, your credit score may be negatively impacted as your payment history plays a significant role in determining your creditworthiness. Missed payments could result in late payment information being reported to credit bureaus, which can lower your credit score. Furthermore, if you consistently miss payments or fail to make arrangements for repayment, it could lead to default. In such cases, CreditPlus may take legal action or engage with collections agencies to recover the outstanding debt. It is always advisable to contact CreditPlus as soon as possible if you anticipate difficulties in making a payment, as they may be willing to work out a suitable solution.