what happens will depend on the type of loan in most cases you will be charged a late fee if you rectify the situation that s as bad as it may get if you keep missing payments then you may have your interest rate increased depending on the loan and the contract you may be reported to the credit bureaus hurting your credit profile and then eventually your account may go to collection agencies 
the bottom linemissing the due date of your loan obligation whether that be a student loan credit card or car loan comes with serious consequences that hurt the borrower s finances this happens through late fees higher interest charges or other penalties that can send a borrower spiraling further into debt it s critical to manage your debt responsibly and not be past due on any payments 