What happens if I miss a payment on my OneMain loan?

If a borrower misses a payment on a OneMain loan, several consequences may occur. First and foremost, late fees may be applied to the account, increasing the total amount owed. Further delays in payment can lead to a negative impact on the borrower's credit score, as payment history is a key factor in credit evaluations. Additionally, OneMain may initiate communication to remind the borrower of the missed payment and discuss options to remedy the situation. In some cases, if payments continue to be missed, it could lead to more severe consequences, such as the account being sent to collections or legal actions being pursued. It is beneficial for borrowers to review their loan agreement, which outlines the terms and conditions related to missed payments. For specific details on managing missed payments, it may be helpful to refer to the resources available on OneMain's official website.