What happens if I miss a payment on my loan?

When a payment is missed on a loan with Credit First, several consequences may occur. Initially, a late fee may be assessed, which is typically outlined in the loan agreement. This late fee can add to the overall amount owed on the loan. Additionally, missing a payment may lead to a negative impact on credit scores, as payment history is a significant factor in credit reporting. The loan may be reported as delinquent to credit bureaus. If payments continue to be missed, Credit First may initiate communication to remind the borrower of the overdue payment and possibly offer assistance or solutions. In more severe cases, persistent delinquency could result in further actions to recover the owed amount, which may include collections. It is always wise for borrowers to review their loan terms and consult the current Credit First website for detailed information on policies regarding missed payments and available options.