National ‘Be Late for Something’ Day – How late fees can affect you!

Yesterday, people across the United States annually celebrated National Be Late for Something Day. Were you late to work? Did you leave your friend hanging for lunch? Whatever you were late for, being late on your personal loan payments is a big no-no… here’s why.


It can happen to anyone. A family emergency, a loss of income or a tough month that came out of nowhere. No matter the reason, you missed a due date. Making a late payment on your credit card, mortgage or loan can hurt your credit score and affect your overall credit health. Whether you are just three days late or 30 days late, not paying your bills on time could affect you for months and potentially years to come.


Effects of my late payment


Being unreliable with payments is a red flag to financial institutions, and several things can occur when you pay late. These can include:

  • Late fee charges (amount depends on your loan company)
  • Interest rates can increase
  • Reduce your credit score rating
  • Be listed on your credit report


What do I do now?


Missing a payment is not the end of the world. First, call your lender and explain why you missed the due date. By taking responsibility and presenting your case, they may have payment options available that can help get your account back on track.


If you have an installment loan with Total Loan Company, you can reach us here.


Next, pay off the overdue amount quickly. You might avoid additional late fees and interest charges if you pay it off sooner rather than later. So think of ways to make up that money fast and settle it as soon as possible. Finally you can request a removal of the late fee on your credit file.


Will I be able to file for an installment loan in the future?


Absolutely. At TLC, we recognize that sometimes bad things happen to people. Unlike a bank, we want to listen and try to help you get the money you need to achieve your goals.


You can begin the application process electronically by clicking on this link, Apply Now and filling out the information asked.  You will need to have the following information available to begin your application

  • Your Social Security Number
  • Your address and phone number
  • Income information
  • Banking information


Best practice moving forward


Circling the due date on a paper calendar may not work for everyone. Instead, try signing up for email notifications from your lender. If you prefer notifications on your phone, create calendar alerts or set an alarm a few days before the payment is due. Once you find a strategy that works, stick to it until your loan is paid in full.


You should continuously check up on your credit score too. Each credit bureau provides the opportunity to obtain a free copy of your credit report annually. You can contact:

  • TransUnion: Visit, call 800-888-4312 or mail in a request to TransUnion, 2 Baldwin Place, P.O. Box 1000, Chester, PA 19022.
  • Equifax: Visit, call 800-846-5279 or 866-322-3162, or mail in a request to Equifax, P.O. Box 740123, Atlanta, GA 30374.
  • Experian: Visit, call 888-397-3742, or mail in a request to Experian P.O. Box 919, Allen, TX 75013.
  • Free online credit reports are available at: