What if I do not fulfill the obligations of my loan agreement?

If your payment is in danger of being late, then we will begin to send notices to you via text, phone, e-mail, and social media. If this continues for three consecutive payment periods and you have ignored our efforts to communicate, then your loan will fall into “default.” Depending on your particular case, once your loan is in default we can:

  • Notify your family, employers, and other relevant parties of your default;
  • Publish the default to a list of other Zomia students who have defaulted;
  • Notify other Zomia students and distribute the loss associated with your default across all other Zomia students;
  • Update your Credit and Responsibility Rating (CRR) score to reflect the default;
  • Add your name and loan information to a credit bureau and send your loan to a debt collections agency (this will impact your future borrowing opportunities from banks and microfinance institutions); and/or
  • Prohibit you from borrowing from Zomia in the future.
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