It's very essential to communicate with the support team if you're unable to make payments to explore options such as loan modification or repayment plans to avoid defaulting on your loan.
Defaulting on Loans on Veend can lead to ;
Damage to Relationships: Defaulting on a loan can strain relationships with lenders and may impact future borrowing opportunities.
Stress and Emotional Impact: Dealing with debt and its consequences can lead to stress, anxiety, and other negative emotional effects.
Report to Credit Bureau. If you default on your loan for more than a period of 2 weeks and do not reach out to communicate to the support team, you will be reported to the credit bureau.
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