What happens if my payment is late or I fail to make a payment?

What happens if my payment is late or I fail to make a payment?

If your payment is late, as the loan agreement you signed stated, you agree to pay a late fee the greater of: (1) 5% of the unpaid amount of the payment, or (2) $30. If you fail to make a payment, within ten (10) days after any payment due date, we may, according to the loan agreement you signed, at our option, do any one or more of the following: (i) declare the whole outstanding balance due on your account immediately due and payable and proceed to collect it, (ii) close your account, (iii) exercise all other rights, powers, and remedies given by law, (iv) recover from you all charges, costs and expenses, including all collection costs and reasonable attorney’s fees incurred or paid by us in exercising any right, power, or remedy provided by this Loan Agreement or as permitted by law, and/or (v) send out a notice of negative credit report to a credit reporting agency as outlined in accordance with Utah Consumer Credit Code 70C-7-107.

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