Is there a grace period for personal loans?

There is a grace period for personal loans on late payments, with 30 days being the most common. 30 days is also the period of time lenders have to wait before reporting a late payment to the credit bureaus. However, the grace period isn’t universal, and some lenders may charge a late fee immediately after you miss your due date. The best course of action is to contact your lender as soon as you know you won’t be able to make your payment on time, as most are eager to work with borrowers who want to get their account current.