Most unsecured loan agreements stipulate that in the event a borrower fails to pay their loan, lenders can take borrowers to court. If a judgment is made against you, you could face even more financial troubles. You may be required to pay for the legal costs the lender incurred in the process of suing. A judgment made against you also makes a big impact on your credit rating, jeopardising your chances of securing another loan anytime soon.
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