 TITLE: What Happens to Your Credit When You Default on a Business Loan? CONTENT: Reach Out Early for Help\n------------------------\nFiguring out how to proceed when you're unable to pay a business loan isn't simple. If possible, reach out to your lender before your loan goes into default. Because collections and legal action are costly for lenders as well, many will work with you to avoid default, possibly by restructuring your loan or accepting interest-only payments for a period of time. You may want to consult with a nonprofit credit counseling service, a debt settlement attorney or a bankruptcy attorney to help you navigate forward with as little damage as possible to your business and personal credit—and to help you chart the best future course for yourself and your business. END