Failing to make payments on a private student loan can have serious negative consequences on your personal financial situation and credit. If you miss a payment, your loan becomes delinquent, and it will stay delinquent until your payments are brought up to date. Each missed payment results in a late fee, and we may report the missed payment to the credit bureaus when it is 30 days past due.
Missed or late payments on your credit report can negatively impact your credit, making it more difficult to get other loans or open up credit cards, making the terms on other loans or cards more expensive, and even making it difficult to get an apartment.
The consequences of having your loan in delinquency get worse over time. Once your account is more than 120 days past due, then the loan will enter default. Once your account is in default, the entire balance of your loan will become due, and your account may be sent to a collections agency, which will charge additional fees when trying to recoup the money. Additionally, accounts that are in default will not qualify for the Member Benefits available on Fynn loans, which are specifically designed to help you avoid these consequences.