Is there a grace period on a personal-loan late payment?

Grace period length is set in the loan agreement and varies by lender. Federal credit unions are generally on the longer end (15 days). Online lenders and bank affiliates tend toward 10 days. Late fees range from $15 to $39 or 5% of the missed payment, whichever is lower (state caps apply in some jurisdictions).

The credit-bureau reporting threshold is 30 days past due. A payment that lands on day 25 still incurs the late fee but does not hit the credit file. A payment that lands on day 31 is reported as a 30-day late, which can drop a strong score by 60 to 110 points.

If you cannot make the payment, contact the lender before the due date. Most offer hardship options (one-time deferral, modified payment plan) that keep the account current on the credit file even when cash flow does not allow on-time payment.