When and if you miss one or more payments on your personal loan, your lender may consider it a default.
Defaulting on your personal loan can have serious consequences on your credit report and credit score.
Personal loan default typically occurs when 90 days have gone by without any scheduled payment from your end.
Your lender may offer you a grace period after the due date to offer you extra time to make the payment.
Even after you haven't paid, your loan will be considered delinquent and additional fees can be added.
Once a late payment is reported to the credit bureaus, it will negatively impact your credit for a long time.
With a negative mark on your report, it will become harder to qualify for new credit or get other financial help.
It is best to take action and resolve the late payment before it goes into default and does harm to your credit.
Try to make all payments on time and in full every month. That will help improve your credit score as well.