It depends on the terms of your loan agreement, and the type of loan you're dealing with. Generally, there aren't any criminal penalties - failure to pay a loan is a civil matter between you and the lender. That isn't to say, however, that the consequences can't be severe.
Posted 2011-07-16
It depends on the terms of your loan agreement, and the type of loan you're dealing with. Generally, there aren't any criminal penalties - failure to pay a loan is a civil matter between you and the lender. That isn't to say, however, that the consequences can't be severe.