Yes, settling a personal loan is possible because it is unsecured, meaning there is no collateral at stake. If you’re struggling with repayments, you can negotiate with the lender instead of defaulting. Unlike student loans, which often have guarantors, personal loans don’t, making loan settlement a feasible option.
If you’re unable to meet your EMIs, act fast:
Inform Your Lender – Explain your financial situation and request a repayment plan that suits your capacity.
Avoid Default Penalties – Missing payments can lead to added interest, late fees, and a negative impact on your credit report.
Negotiate a Loan Settlement – If repayment restructuring isn’t an option, ZeroLoan can help you negotiate a personal loan settlement to avoid recovery agent harassment and legal complications.
