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What is a pre-default notice?

  • Updated

A pre-default notice is an important warning that your loan is currently at least 61 days in arrears and may default if another payment is missed. Our goal is to provide you with ample opportunity to get back on track and successfully manage your loan obligations. In this case, the pre-default notice will give you at least two weeks to make your next full contractual repayment. If you are able to make this payment within the specified timeframe, your account will continue as normal.

However, if you are unable to make a full loan repayment within the specified time period and your loan accrues 90 days of arrears, your account will unfortunately default. We understand that circumstances may arise that prevent you from making timely payments, and we encourage you to reach out to us as soon as possible if you are experiencing difficulty. We are here to help and can work with you to explore alternative repayment options that may be available. Our goal is to help you successfully manage your loan obligations and maintain a positive financial standing.

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