What should I do if I cannot make a loan payment?

If you cannot make a loan payment, contact your lender immediately before missing the payment. Most lenders prefer to work with borrowers proactively and may offer options such as a temporary forbearance, deferment, loan modification, or a revised payment plan. Explain your situation honestly and ask what hardship programs are available. You should also review your budget to find any expenses you can cut, and consider whether you can borrow from savings or get temporary help from family. If debt is a recurring problem, speaking with a nonprofit credit counselor can help you create a plan. Avoid ignoring the situation, as missed payments damage your credit score and can lead to collections or default.