What happens if I miss a personal loan payment?
Most lenders charge a late fee ($15-$40) after a grace period (typically 5-15 days). If the payment is more than 30 days past due, the late mark is reported to the credit bureaus, which typically drops your FICO score by 60-100 points. Repeated missed payments lead to default, charge-off, and possible collection or legal action.
Context
First missed payment: late fee within the grace period. Most lenders contact you by email, phone, or text to request payment.
30+ days past due: late mark reported to credit bureaus. The first 30-day late payment is the single most damaging late mark; subsequent late marks have diminishing additional impact.
60-90 days past due: more aggressive collection contact from the lender. Some lenders offer hardship programs (interest pause, payment deferral) at this stage if you proactively call them.
120-180 days past due: charge-off. The lender writes off the debt and often sells it to a collection agency. Your credit takes another significant hit.
Proactive communication is the single highest-value move when you can't make a payment. Most lenders have hardship programs but only offer them to borrowers who call before defaulting.
- Reviewed by
- Compliance Review
- Last reviewed
- May 22, 2026
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