Each lender has different terms for their loans. If you miss a payment, you may be charged a late fee or your interest rate may increase, meaning you will owe more money. If you default, your credit score will be negatively impacted, which can make it harder to borrow in the future. In some cases, lenders may take legal action to get the amount owed back. You should make payments for personal loans online, manually, or automatically to prevent such situation, but if you ever find yourself in this spot, always reach out to your lender. Talking it out can help both sides come to a solution together.