What happens if I miss a loan payment?

If you miss a loan payment, there are potential consequences that you should be aware of. Firstly, it can result in late fees being added to your outstanding balance. The specific amount may vary depending on the terms of your loan agreement. Additionally, this late payment may be reported to credit bureaus, negatively impacting your credit score. In turn, a lower credit score can make it more difficult to obtain credit in the future. It is important to contact Residential Credit Solutions (RCS) immediately if you are unable to make a payment, as they may be willing to work out a solution with you. However, it is crucial to remember that consistently missing loan payments can lead to serious repercussions, such as foreclosure in the case of a mortgage loan.