Missing a payment on your MPOWER loan can have several negative implications for your credit score and overall financial health.

Here’s how missed payments affect your credit:

Credit Score Impact

MPOWER reports your repayment activity to major U.S. credit bureaus, such as Equifax and TransUnion. Missing a payment can result in late payment reports, which will negatively impact your credit score.

Future Borrowing

Missed or delinquent payments on your current loan may negatively impact your future MPOWER or other financial institution loan applications.

Other Financial Consequences

• Late Fees Charged: MPOWER charges a late fee of $5.00 or 4% of the total amount due (whichever is less) if payment is not made within the 15-day grace period after your due date.
• Additional Interest: Accumulating late fees and interest could increase the total repayment amount over time.

Managing Missed Payments

If you anticipate or experience financial difficulty that might result in late or missed payments, consider taking the following steps:

• Seek MPOWER Assistance: Contact the MPOWER servicing team at +1 202 417 3800 or via email at servicing@mpowerfinancing.com to discuss your situation. They can help you explore options for managing your payments during difficult times.
• Enroll in Auto-Pay: Setting up automatic payments can ensure timely payments and often comes with an interest rate discount, helping you avoid missed payments in the future. Learn more about automatic payments here! 
• Monitor Account Regularly: Regularly log in to the Launch Servicing Portal to stay updated with payment schedules, and amounts due, and to view your payment history to avoid missed payments.

By staying proactive and informed about your loan and payment schedules, you can avoid the negative impacts of missed payments and maintain a healthy credit profile.