What happens if you miss a loan payment and what is the best option if this happens?
1) Your credit score may be negatively affected and you may incur late fees or penalties.
2) The lender may take legal action against you and you may face foreclosure or repossession.
3) You may be able to negotiate a payment plan or deferment with the lender.
4) The best option is to contact the lender as soon as possible to discuss your situation and explore potential solutions.