What happens if I stop making repayments on my personal loans?

Please make sure you complete your repayments on time as agreed with your lender. If you stop making repayments, you run the risk of a default being listed on your credit record — a consideration whenever you apply for another loan. This can severely affect your credit history and stays there for up to 5 years. As a last resort, your account can be passed to an external debt collection agency.

If you think you might not be able to make repayments on time because your circumstances suddenly changed, contact your lender as soon as possible to find out if you’re eligible to apply for financial hardship — do this early, before your lender is forced to act. Our lenders will only approve you if, after assessing your application, they believe you have the ability to pay back the loan. If you need help, contact CashPal any time via the contact form or email.

Costs, repayments and applying

The cost of your instant cash loandepends on the lender we match you with — read your contract thoroughly for all relevant costs. Repayments run by direct debit on the agreed schedule; keep the correct amount in your account so payments don’t bounce (dishonour fees are outlined in your contract). The application process is 100% online — a quick assessment in minutes, matched with a lender, no obligation to accept, and funds sent straight to you once you do.