New Delhi, April 15 -- Failing to repay a personal loan can lead to significant financial repercussions and negatively impact your credit score. Furthermore, the failure to repay your loan can lead to unnecessary stress. Waiting to communicate with your lender after missing a payment only compounds the anxiety over time. Here are some of the key consequences:

Here are some further considerations to keep in mind:

Only borrow what you truly need and can easily repay within the loan period. Avoid the temptation to borrow excessively based on the lender's pre-approval. Many people underestimate the consequences of accumulating debt until the loan recovery team starts pursuing them. Some essential steps taken can help prevent this financial ...