Pay your loan on time
There are several things that can happen when you do not honour your loan payments:
- You will be charged a fee or an additional interest on your loan
- You might be reported to the Credit Reference Bureau
- Your lender might instruct debt collectors to try and recover from you what you owe. In this case many farmers have reported their livestock and even land being taken away by banks and other lenders
- You might be charged in court where you will be forcibly required to pay your loan or face time in prison
- You risk losing your collateral
- If you had any loan guarantors, they might be forced to pay the loan on your behalf
- You may have difficulty getting another loan in the future
