Missing a payment on your personal loan can lead to various consequences. Initially, you might face late fees, increasing your settlement amount. Lenders may report the late payment to credit bureaus, affecting your financial reputation. Persistent non-payment could result in collection efforts. Potentially, this also leads to legal actions or asset seizure. If you are having a tough time, it is crucial to chat with your lender. They might have some solutions, such as delaying payments or tweaking your payment plans, that could be useful for you. Taking proactive steps can help mitigate the challenges of missed payments.