What Happens If You Miss a Personal Loan Payment?
Missing a personal loan payment can have short-term and long-term consequences. Knowing what to expect can help you respond quickly and limit damage.
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Late fees and penalties
Most lenders charge a late fee after a missed payment. Repeated late payments may increase costs and strain your budget.
Credit score impact
Payments reported 30 days late or more can negatively affect your credit score and remain on your credit report for years.
Loan default risk
Continued missed payments may lead to default, collections, or legal action depending on your lender’s terms.
What to do if you’re struggling
Contact your lender as soon as possible. Some lenders offer hardship programs or temporary payment adjustments.
Plan affordable loan payments
Use our personal loan calculator to find a payment amount that fits your budget and reduces the risk of missed payments.
Try the Personal Loan Calculator →