Being able to keep up with repayments for your personal loan is not always possible. Unstable income, medical emergencies, and job loss among other occurrences may drain your resources making loan servicing difficult. When that happens, it becomes an extremely stressing scenario with the credit bureau and lenders closely following each delayed payment. The consequences of defaulting on your loan depend on several things, including the initial terms signed with the lender and how far into repayment you are.