Life happens. A car breaks down, hours get cut, a bill comes in higher than expected. If you are worried about making a loan payment, the most important thing to know is that you have options, especially if you act early.
What typically happens after a missed payment
- Late fee: many loan agreements charge a late fee if a payment is not received within a set grace period. Check your agreement for the exact terms.
- Contact from your lender: expect a call, text or email about the past-due amount.
- Credit reporting: lenders that report to the credit bureaus generally report a payment as late once it is 30 or more days past due. A late payment can lower your score and stay on your report for up to seven years.
- Default: if payments remain unpaid, the loan may go into default, which can lead to collection activity.
If you think you will miss a payment
- Call your lender before the due date. Lenders can often work with borrowers who reach out early.
- Ask about options such as changing your due date or setting up a payment plan.
- Pay what you can. A partial payment may reduce fees and shows good faith.
- Get any new arrangement in writing.
If you have already missed a payment
Make the payment as soon as you can, even if it is late. The sooner you bring the account current, the smaller the impact is likely to be. In Nevada, lenders licensed under NRS Chapter 604A are required to offer a repayment plan to borrowers in certain situations, so ask what is available.
Protect yourself going forward
Autopay, due dates that line up with your paydays and a small emergency cushion all help prevent missed payments. Our guide to building a monthly repayment plan walks through each step.
If you have a loan with Private Access Loans and are worried about a payment, please call us at 702-330-0458. We would much rather hear from you early.
