Slow Loan

If you take out a debt, the last thing you want to do is be slow with payments. This will cost you not only in interest and penalties, but in your future ability to take out any loans in the future. Double whammy indeed.

Down be a slowpoke and make your loan a slow loan. A slow loan is a loan that a bank thinks is at risk for default based on late payments. Once payments are two to three months late, banks might red-flag your loan as a slow loan.

Once your loan is in the slow loan lane, you can expect to be hearing a knock on the door (jk, just endless automated phone calls, probably) from a collection agency. They’re like the mafia for the bank. Totally legal, though.