What if I miss a payment?
If at any point you believe you will be late making your repayment or will have any difficulties with your repayment, please contact us immediately.
If you miss a loan repayment, and it is not rectified within 1 business day, Lending Loop will mark your payment as overdue. After this, Lending Loop will continue to attempt to collect the funds and may use a debt collections agency to collect the missed payment.
If there is no successful collection of the payment 7 days from the scheduled date of the original payment, Lending Loop may charge you a fee equal to 15% of the outstanding loan payment(s). In addition, other expenses that might be incurred as a result of Lending Loop attempting to collect the funds will be payable by you.
If the loan is considered to be in default, as specified in your loan agreement, Loop Funding Inc. will serve you with a notice of default. This occurrence will be marked against your credit file, and Loop Funding Inc. will claim the total amount outstanding by any means that Loop Funding Inc. believes is commercially reasonable and most likely to be successful as specified in your loan agreement.