Loan Settlement: A Guide to Understanding its Impact and Alternatives
ahktips
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  • Reads 1
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  • Parts 1
  • Time 5m
ahktips
Ongoing, First published Oct 09, 2024
financialloan
Loan settlement is an agreement in which the borrower pays a lump sum less than the total sum of the outstanding debt in order to close the loan account. Lenders usually consider settlement when borrowers genuinely face some financial crisis and prove that they cannot repay the loan amount in full. Although it offers an opportunity to settle debts, let's not forget it's certainly not a "get out of jail free" card.
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