MoolahSense classifies a loan to be in default if an issuer does not make any repayment for a period of ninety consecutive days or more and/or when the Personal Guarantor(s) of the Promissory Note has been declared a bankrupt.
MoolahSense may initiate legal actions (e.g. bankruptcy application against the Personal Guarantor(s), winding up application against the Business) against you and/or your Business to recover the monies owed to affected Investors.
MoolahSense shall also report the event to the credit bureaus which will be detrimental to your Business’s credit standing. Financial indicators on the MoolahSense Dashboard (privately accessible to investors) will be adjusted accordingly as well to reflect the delinquent status of your Business.