Here’s What Happens If You Default on A Business Loan!

A loan default occurs when a borrower fails to meet a predetermined term of the loan agreement. As a result, the lender has little choice but to take legal action against the borrower.
A borrower defaults on a loan when they violate or fail to follow the law, agreement, or rule of conduct established in the loan arrangement. The lender may take legal action against the borrower as a result of this.

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