People who apply for loans understand their importance and consequences. It’s a rare individual who borrows money without any intention of returning it. After all, missing payments or defaulting could mean you won’t be able to get a fast loan Mississauga Ontario. It could lead to repossession of your collateral. One thing that worries borrowers is whether non-payment of loans could lead to jail time.
Can You Go to Jail for Defaulting on Your Loan?
The good news is you can’t be arrested or jailed for missing loan payments. Lending companies that offer consumer debt cannot have borrowers arrested or placed in community service for not paying a loan. We’re talking about all kinds of loans here, like credit cards, car collateral loans, student loans, mortgages, and the like.
However, lenders can sue you in civil court for not repaying them. This could get you arrested if you don’t respond to a court summon. There are actually three situations where you can go to jail for debt. The first is for contempt of court. This happens if you ignore a summons. Another is if you fail to pay child support. Lastly, you can go to jail for deceiving the taxman. The IRS might sue you for tax evasion or tax fraud.
Get You More Money than the Competition
You can get a loan the quick and easy way with Canadian Equity Loans. You can borrow as much as $50,000 in loans. This trusted lender offers low-interest rates and affordable monthly payments. We also accept early payouts without penalties. You don’t even have to undergo credit checks. Sign up at our website or call our toll-free number at 1-844-586-6311.
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