What happens if a borrower does not pay?
Fynanz will attempt to collect the late payments through our primary contacts. Borrowers who do not pay after repeated attempts will be referred to a collections agency and their non payment will affect their credit rating. Delinquent and defaulted borrowers will be banned from using Fynanz again. Should a loan become 120 days late, Fynanz will make arrangements to sell the loan. The net proceeds will be passed along to lenders. Fynanz will also pay a lender any difference between the amount that is guaranteed for the loan and what has been received.
