If you dont pay an unsecured business loan, you risk damaging your credit score and reputation among lenders. Lenders can also impose late fees and penalties, adding to the amount owed. Ultimately, failing to pay the debt can lead to creditors taking legal action against you or your business.
Not repaying a loan can lead to a multitude of consequences, but there are options if you cant afford to pay your loan.
Featured Partner Offers
1
OnDeck
Loan amounts
$5,000 to $250,000
APR
Not disclosed
Minimum credit score
625
2
National Funding
Loan amounts
$10,000 to $400,000
APR
Buy rates start at 1.11%
Minimum credit score
600
2
Nat…
Read the full article at: https://www.forbes.com/advisor/business-loans/what-happens-if-you-dont-pay-an-unsecured-loan/