Real Estate Investor · Burlington, VT · Member since 2010 · 2k+ posts · 1k+ votes
5y
@An Bui I'm not super familiar with them but with any unsecured loan (credit card, personal loan, etc) they can report the default on your credit. That will pretty much wipe out any chance of another unsecured loan from any lender for the next few years.
If they're super aggressive, they can take you to court, get a judgment, and take funds from your bank account or garnish your wages.
Realtor · Southern NJ · Member since 2017 · 188 posts · 68 votes
5y
I've never worked with them specifically, but typically companies like that aren't the end lenders, they are getting you loans or lines of credit from a bank. So if you default on the loan/LOC, the bank will send you to collections. Unless they are non-PG vendor tradelines.