You will be subject to a civil lawsuit. There will be no criminal issues based on the facts you have posted.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
Failure to pay on the loan will result in a report against your credit, collections, and possible a suit in a court of law against you. If you are struggling, then I advise contacting the loan companies to see what they recommend. Oftentimes they may lower the payments, but extend the terms of the loan, or provide a payoff amount. It's worth a shot.
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