What happens if I miss a loan payment?

If you miss a loan payment with Beneficial Finance, there could be several consequences. Firstly, there may be late fees or penalty charges associated with the missed payment. Additionally, it could negatively affect your credit score and credit history, making it harder for you to secure future loans or credit. Moreover, missed payments could result in collection efforts from Beneficial Finance, including phone calls, letters, or even legal action, such as wage garnishment or asset seizure. It is vital to contact Beneficial Finance and discuss your situation if you anticipate missing a payment, as they may have some options available to help you avoid these potential consequences. It is always best to maintain open communication and address any financial difficulties promptly to mitigate further complications.