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

If a borrower misses a payment on a GreenSky loan, several consequences may occur. Typically, the first consequence is that the borrower may incur a late fee. The specific amount of this late fee can vary based on the terms outlined in the loan agreement, so it is important to review the agreement for exact details. Additionally, missing a payment could have an impact on the borrower’s credit score. Timely payments are a crucial factor in maintaining a good credit rating, and any missed payments may negatively affect that rating. It is worth noting that a lender may report late payments to credit bureaus after a certain period, usually after the payment is thirty days overdue. Borrowers should also be aware that consistent missed payments may lead to further actions from the lender, including collection efforts or even legal action in extreme cases. To avoid these complications, it is always advisable for borrowers to communicate with GreenSky or consult the loan documentation regarding their options if they are facing difficulties making payments. For the most accurate and tailored information, borrowers can refer to the current web page provided by GreenSky.