For the most part, Cashalo works the same way as any other loan. You start by applying for a loan and then contacting Cashalo to get your cash.
By default, Cashalo charges you a fee of 2% for each loan.
If you don’t pay back your loan, they charge you 10% interest per month on your outstanding balance. So if you miss one payment, your interest rate goes up 10%.
If you have to cancel a loan because of an emergency or a financial hardship, they will freeze your credit and may even report it to the credit bureaus until you make all payments again.
If you fail to make any payments at all, they can declare you in default and take legal action against you.
Shop Now U0026 Pay Later With Cashalo!
If you don’t pay Cashalo using CLIQQ Machine, you will be charged a late fee of 30% of the total amount outstanding. After the first installment has been deducted, the remaining installments will be deducted in equal monthly instalments. If you do not make your payments on time, we will deduct a penalty interest rate of 25% per month up to 300% per annum.
In other words, if the loan is not paid on time, it is as if you never took out a loan in the first place. This means that Cashalo will charge you late fees from day one until the loan is fully repaid. The further away from its term (or maturity date), the higher the interest rate becomes.
If you miss a payment, your account may be suspended and any future payments may incur additional costs such as account setup fees and collection agency costs.
Can I Go To Jail For Not Paying A Personal Loan?
You can be sent to jail for not paying your personal loan. A lender can take legal action against you as well as garnish your wages and seize any assets that you may have. If you do not pay back the money you owe, you will be added to a debtor’s registry where your name, address, and other personal information is available to the public.
Criminal charges can also be filed against you for not paying a debt. Criminal cases are taken very seriously in most states and can result in jail time, fines, or both. If convicted of defrauding an individual out of more than $500 dollars, you could face up to five years in prison.
If convicted of defrauding an individual out of less than $500 dollars, you could face up to one year in jail. Additionally, if convicted of defrauding an individual out of more than $5,000 dollars, you could face up to ten years in prison. The penalties listed above only apply if you are guilty of these offenses and they have been committed within the last five years.
What Will Happen If You Don’t Pay Your Loan?
The Philippines is a country with a lot of crime. A lot of people go to jail here for a lot of crimes. One thing that is important to know about in the Philippines is that if you do not pay your personal loan, you can go to jail.
This is because the law in the Philippines says that anyone who does not pay their debt has to pay it in full or go to jail. If you do not pay your debt, you can go to jail and will have to serve time there. So, what should you do if you have a personal loan in the Philippines?
First, make sure that you are paying your loan on time. Second, make if possible that you can afford not to pay this loan. If you cannot afford not paying it, then maybe you should talk with a lawyer first before dealing with the legal system in the Philippines.
This way, they can help you find out if there are ways that you can get out of paying this debt so that you don’t end up with a criminal record and spend time in jail.