The first thing we want to make clear is that Cashalo is a community-based platform that exists to help people pay their bills in cash – not a peer-to-peer lending service. If you choose not to pay your Cashalo loan, we will be forced to take some kind of action, which may include seizing your account, suspending or terminating the loan, or otherwise restricting your access to the platform.
To be clear, if you miss a payment and do not dispute it within 7 days, we will automatically deduct 1% interest per day until the full amount has been paid (with a minimum of 2 days being deducted).
We also reserve the right to suspend payments at any time if necessary to protect our users’ accounts from fraud.
We hope that you understand the risks involved and take steps to ensure that you can pay your bills on time. If you need any help with this, please contact us at support@cashalo.
Shop Now U0026 Pay Later With Cashalo!
There are two ways of paying your Cashalo loan in CLIQQ Machine. First, you can pay the full amount of your Cashalo loan payment by swiping your debit card or credit card at the machine. Second, if you choose to pay with cash, you may pay the full amount of your Cashalo loan by handing over a physical cashier’s check or money order to the CLIQQ Machine station.
If you choose to pay with cash, please make sure you have enough change on hand to cover the cost of the transaction. If you do not have enough change to cover the cost of the transaction, simply use one of our CLIQQ Machines located inside any branch location for a discounted rate. Please note that if you do not have enough change on hand to cover the cost of a transaction, you will be charged a non-sufficient funds (NSF) fee equal to 15% of your total transaction amount.
In both cases, once your payment is processed and secured by our bank, it is immediately added to your account and appears as a new payment on your statement. You will receive an email confirmation soon after confirming receipt of funds for your Cashalo loan in CLIQQ Machine.
Can I Go To Jail For Not Paying A Personal Loan?
You may be surprised to learn that not paying a personal loan is a criminal offense. In most cases, the lender will take civil action to get the money owed if you fail to pay after defaulting on the loan. If convicted of defrauding a lender, you could face time in jail or even bankruptcy.
However, it’s important to remember that every person’s situation is different, so it’s always best to talk to a lawyer before taking action against a lender.
A conviction on this type of offense can result in up to five years in prison and/or up to $5,000 in fines.
If you’re facing criminal charges related to repayment of a personal loan, it’s important that you speak with an experienced criminal defense attorney as soon as possible.
What Will Happen If You Don’t Pay Your Loan?
There is a lot of misunderstanding about what constitutes debt in the Philippines. Most people think that if you can’t pay off your loan, that means you’re in default. But that’s not the case at all.
What happens if you fail to make your loan payments? It’s called delinquency, and it means that you have started a formal process to officially declare yourself in default.
Therefore, it is not something that you can do on your own.
It only happens after a judge has officially declared you in default. It’s sometimes called civil contempt because you could be sent to jail for not paying your debt. This is why some people say that “not paying a personal loan in Philippines” is a crime.
While it’s true that there are laws against not paying your personal loan, it doesn’t mean that you might go to jail. Instead, the debt collector will start legal proceedings with the court so they can collect the money from you by filing a case against you and garnishing your wages or seizing your assets. But don’t worry: If they are able to collect any money at all, they will return it to you (minus their commission).
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