How do you collect on a personal loan?

To collect on a personal loan, the lender typically follows a series of steps. First, they will send reminders and notices to the borrower about overdue payments. If the borrower remains delinquent, the lender may reach out via phone or email to discuss repayment options. If the loan remains unpaid, the lender may eventually consider legal action or involve a collections agency to recover the owed amount.