What happens if I miss a loan payment?

If a borrower misses a loan payment with CashCall, Inc., several potential consequences may arise. Initially, the borrower may incur late fees, which could add to the total amount owed. It is important to note that missing a payment can negatively impact the borrower's credit score, as payment history is a significant factor in credit reporting. A lower credit score can make it more challenging to secure future loans or credit products. Additionally, the loan agreement often outlines specific terms regarding missed payments, which may include options for the borrower to make up the missed payment or to discuss payment arrangements. If payments remain delinquent for an extended period, the account may be sent to collections, leading to further complications. To mitigate these issues, borrowers are encouraged to review their loan terms and consider options for communicating with the lender. For more precise information on their policies, it may be beneficial to visit CashCall's official website, where current details and guidance can be found related to missed payments and available resources.