This plot shows that Auto Time Stepping should be turned on with Inital and Minimum Substeps of 5 and Maximum Substeps of 500.  That should allow the model to converge to the full load without all the wasted iterations prior to each Bisection in red.

It appears that the solution did converge at the end, since the final iteration seems to indicate convergence, however, there are other criteria besides Force Convergence, so you have to look at the end of the text file under Solution Output to be sure.