What happens if I miss a loan payment?

If a borrower misses a loan payment with Xpress Loan Servicing, several consequences may follow. Initially, the company typically assesses late fees, which can vary depending on the terms outlined in the loan agreement. Borrowers may also face a negative impact on their credit score, as payment history is an important factor in determining creditworthiness. Furthermore, missed payments can lead to the loan being considered delinquent. This may trigger additional actions from the lender, such as placing the account in collections or increasing the interest rate. Borrowers may also receive reminders or notifications urging them to bring their account current. It is essential for borrowers to review their loan agreement to understand the specific consequences of missed payments, including any grace periods that might be available. Communication is key, so if a borrower anticipates difficulties in making a payment, they should consider reaching out to Xpress Loan Servicing for more information on their options. For contact details, it may be helpful to visit their official web page.