What happens if I miss a loan payment?

When a borrower misses a loan payment with OpenRoad Lending, several consequences can arise. First, it is important to understand that missing a payment may lead to late fees being charged to the account. These fees can increase the overall cost of the loan, making it more challenging for the borrower to catch up on payments in the future. Additionally, the missed payment may be reported to credit bureaus, which can negatively impact the borrower’s credit score. A lower credit score can make it more difficult to obtain loans or secure favorable interest rates in the future. In some cases, borrowers may receive a notification or reminder from OpenRoad Lending about the missed payment. It is crucial for borrowers to communicate their circumstances if they find themselves unable to make a payment on time. Depending on the situation, OpenRoad Lending may offer options such as payment extensions or restructuring of the loan terms that could help the borrower. It is generally advisable for borrowers to review the terms of their loan agreement to understand the specific penalties and procedures related to missed payments. For further information regarding policies or actions to take after a missed payment, checking the current web page may provide relevant details and contact options if needed.