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What happens to my loan if I sell or close my business?
What happens to my loan if I sell or close my business?
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Written by Tu Duong
Updated over a week ago

If you find yourself in a situation where you need to sell or close your business before clearing your outstanding loan, it's important to note that your loan agreement may classify the loan as in default.

In such cases, the terms of your loan agreement may require immediate repayment of the outstanding balance within a specific timeframe. Additionally, we may initiate the deduction of any overdue amounts from your business' SAPI-linked bank account and potentially adjust your repayment rate accordingly. For detailed information, we recommend reviewing your loan agreement.

We want to emphasize our commitment to providing assistance and support, especially during challenging times. You don't have to navigate these challenges alone. Feel free to reach out to us, and our friendly team will be more than happy to explore the best course of action together. Your well-being and achieving a successful resolution remain our top priorities.

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