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

If a borrower misses a payment on a LightStream loan, several consequences may arise. First, the borrower could incur late fees, which are typically assessed after the payment due date. Additionally, a missed payment may be reported to credit bureaus, potentially affecting the borrower's credit score. This negative impact can make it more challenging to secure future loans or favorable interest rates. It is important to note that LightStream encourages borrowers to communicate proactively if they are unable to make a payment on time. Options, such as arrangements for a payment extension or alternative payment plans, might be available depending on the situation. For specific details regarding the policies and practices of LightStream, borrowers should refer to the most current information on their official website or review the loan agreement. Understanding the terms and conditions of one’s loan is essential for managing it effectively and avoiding complications.