National ‘Be Late for Something’ Day: Why You Shouldn’t be Late on Your Repayments



Tomorrow is National ‘Be Late for Something’ Day! If you’re planning on celebrating, we would suggest being late for anything other than your loan repayments.. And here’s why:


Effects of late payments: 

  • The charging of late fees. You can be charged a late fee even if the payment is made one day after the due date. It usually starts around $25 – $35, depending on your loan company, and is reflected on your next billing statement. If you continue to make late payments additional charges can start to build up. 
  • Interest rates can rise. Late payments can result in resetting your interest rate to a penalty or default ARP. Some penalty ARP’s can be as high as almost 30%, meaning you’ll pay significantly more in interest on your outstanding balance if it’s triggered.
  • It can end up on your credit report. If the payment is more than 30 days late, the three major credit bureaus can be notified, meaning it will show up on your credit report. Late payments have the potential to stay on your credit report for seven years. 
  • It can lower your credit score. Typically, payment history accounts for 35% of your credit score. It’s one of the single most important factors in the calculation of scores, meaning one late payment can drastically lower it. It has even greater effects if your score is excellent or good.


What to do if you’ve made a late payment:

If you’ve missed a payment, the best thing to do is pay it as soon as possible. The damaging effects can increase the longer you wait to make the payment. But after, you can take the following steps to get yourself back on track.


  • Request removal of the late fee. If you’re in good standings with your bank, they will most likely approve the request to remove and forgive the late fee. 
  • Work to reset the penalty interest rate. Issuers are generally required to reset your interest rate back to the pre-penalty rate if six months of on-time payments are made. 
  • Pay all accounts on time. The easiest way to ensure you make the rest of your payments on time is by setting up automatic payments. If not automatic payments, at least set up text or email reminders when it gets close to the due date. The best thing to do after a late payment is to make all following payments on time. After a few months of consistent on-time payments, your credit score will start to slowly rise. 



It’s important to consistently track your credit report. Each credit bureau allows you to obtain a free copy of your report annually. You can contact:


TransUnion at

Equifax at

Experian at

Or get a free online report at


Personal Loans with TLC 

At Total Loan Company we understand that life happens, and unlike most banks, we’re here to listen and to help. Our mission is to provide you with a solution that resolves or bridges your current troubles for an extended period of time and to provide you with a convenient and dependable source for additional cash whenever you need it. We consider all applicants and our application process is simple, so never hesitate to reach out! 


You can apply here now, or contact us here with any additional questions!