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What if you do not commit to your re-payments on your loan installment? There are always reasons for non-payment but after a certain point in time, the Rapidfinance affiliated credit provider who has granted you a loan will report the loan in arrears. Such a report may reflect on your credit history at various Credit Bureaus in SA.
This may or may not affect how your credit score will be calculated for any further debt or loan applications. You may be held responsible for interest on any non-payments of your monthly installments. If you approach the credit provider and discuss your inability to make payment of your monthly installments, your position will be considered and if possible, the credit provider who has granted you a loan, will assist to find a suitable solution which may include rescheduling of the loan repayment terms and will have NO effect on your Credit rating and scores.
If you do not keep to any arrangement with your credit provider, the matter may be handed over to a attorney. These will always remain the discretion of the credit provider who shall implement the standard legal collection process, to collect any outstanding debt, which shall include interest and legal costs. This may impact negatively on your ability to obtain credit in future.