Stilt loans are expected to be paid on or before payment schedule set up in the loan promissory note. We don't offer loan restructuring except in some extreme circumstances.
If you are unable to make a payment and end up missing payments several things could happen:
- Late fees, if you miss a payment you will be charged a late fee
- Negatively impact your credit history
- We report payments to all major credit bureaus
- This will affect your credit score
- Could impact your ability to get a loan in the future
- Additional interest on the outstanding balance for the number of days your payments have been delayed.
If a payment gets returned due to insufficient funds:
- Insufficient fee charges
- Late payment fees on top of monthly payment
It is important to make on time, in full, payments to ensure that you do not tarnish your credit history. Missed payments will significantly impact your credit history very negatively.