Then your credit rating will be trashed, your credit score will drop by over a hundred points, and your loan will be turned over to a collection agency if you default. The collection agency will pursue you and could even seek a court judgment against you. (That’s the “recourse” section of a recourse loan.) You a security risk if you’re in the military, a loan default makes. Continue reading “As a debtor, you’re finding a recourse loan without any security. You agree to pay the key & interest on routine, in addition to any fees that are late.”
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