What happens if you take out loans for bad credit and cannot pay them back? My nephew has done exactly that and yesterday he was laid off. Now he has no idea how he is going to pay them off. I can’t answer this question for him as I’ve never had a loan of this type. I have no clue what will happen. I guess he needs to see if he can work out a new repayment plan with lower payments and use his unemployment check to cover them. He’s worried about this which is a good sign that he is trying to get his life straight. In the past, he wouldn’t have cared.

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