What happens if I miss a payment?

If a payment is missed when using a service like American Healthcare Lending, several consequences may follow. Typically, the company may charge a late fee, which can vary based on the terms outlined in your loan agreement. This fee is usually intended to encourage timely payments and cover administrative costs associated with the missed payment. Additionally, missing a payment can negatively impact your credit score. Payment history plays a significant role in determining creditworthiness, and a missed payment may remain on your credit report for several years, affecting future borrowing opportunities. Furthermore, if a payment is significantly overdue, American Healthcare Lending may begin a collection process. This can involve additional fees and persistent communication regarding the outstanding balance, which can lead to increased stress for the borrower. It is always advisable to review your loan agreement carefully to understand the specific terms and conditions related to missed payments. For personalized information or assistance, it is best to refer to the resources available on their official website, where you can find relevant contact information and details tailored to your situation.