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If you find yourself in financial straits and cannot pay your personal loan, you need a plan of action. Here are the steps you should take to address the problem.
Call your lender
Before you miss a payment, call your lender. It may be the last thing you want to do, but it’s essential. Only your lender can tell you about any available options. For example, they may be willing to defer payments for a few months. They may accept a partial payment, forgive the fees, or offer another program to help you get caught up. If your lender does suggest a solution, stick with any deal you make.
Although the call may be uncomfortable, it can salvage your credit score. Missing a single personal loan payment will drop your score. How much depends on your credit history and how you are managing other debt. If