What Happens If You Miss a Loan Payment?

Missing a loan payment is stressful — but the consequences depend heavily on how late the payment is and what type of loan it is. Here's what actually happens at each stage.

Days 1–29: Grace Period

Most lenders offer a grace period of 10–15 days. You may be charged a late fee ($15–$40 typically), but your credit score is unaffected. Pay as soon as possible and contact your lender if you're struggling.

Days 30–59: Credit Score Impact Begins

At 30 days past due, lenders report the missed payment to credit bureaus. This is when your credit score takes a hit — a single 30-day late payment can drop a good score by 60–110 points.

Days 60–89: Escalating Damage

A 60-day late mark causes more damage than 30 days. The lender may begin calling and sending collection notices. Interest may continue accruing.

Days 90–119: Serious Delinquency

At 90 days, many lenders classify the loan as "charged off" or send it to collections. Your credit takes severe damage that can last 7 years on your report.

What to Do Immediately

• Call your lender before missing payment — many have hardship programs
• Request a deferment or forbearance — temporarily pause payments
• Negotiate a modified payment plan
• Pay partial payment — better than nothing, may avoid reporting