1. What will happen if you don’t repay the bank loan?

If you owe a bank loan, you will face the following problems

Bank loan officers will continue to come to the company to call for payment;

The loan will be subject to penalty interest;

The bank will safeguard its rights and interests through legal procedures, including the auction of collateral or corporate assets, and the recovery of joint and several liability of the guarantor;

It will not be able to obtain other financial institution records. If you do not repay it, the record will be kept forever. If you have repaid it, the bad record will be canceled after five years. If you can't get a loan, you will find someone else's home

Bank loans refer to banks granting funds to those in need of funds according to the state, and for them. Moreover, in different periods of development, the types of loans classified according to various standards are also different

For example, industrial and commercial loans in the United States mainly include ordinary loan limits, working capital loans, and reserve types, while industrial and commercial loans in the United Kingdom Loans mostly come in the form of bill discounts, credit accounts and overdraft accounts.

2. Consequences of non-repayment of bank loans

Overdue loans mainly have the following consequences.

1. Credit report on overdue records

After a bank loan is overdue, the overdue record will be uploaded to the personal credit report.

Having overdue records in your personal credit report will lead to a bad personal credit report, which will subsequently affect the user's handling of other credit services.

2. High penalty interest is generated

After the bank loan is overdue, the bank will charge penalty interest based on the number of days overdue. The longer the number of days overdue, the more penalty interest will be charged. .

High penalty interest will increase the user's repayment burden, which is not conducive to users paying off overdue debts as soon as possible.

3. Facing a large number of collections

After the bank loan is overdue, users will also encounter a large number of collections. Even if the overdue situation is serious, collection personnel will come to collect the money.

At the same time, relatives and friends around the user may also encounter debt collection.

4. Seriously overdue loans

When bank loans are seriously overdue, for example, the overdue time exceeds 3 months, the bank may charge the user.

After the user is imprisoned, a judgment will be made and the user will be ordered to repay. If the user refuses to repay, enforcement will be enforced.

After enforcement, if the user still fails to pay off the debt, he may be listed as a breach of trust person.

After becoming a defaulter, users’ daily consumption and travel will be affected.

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Extended information:

Bank Loan 20 What will happen if it is overdue?

The main impacts are as follows.

1. Credit report is damaged

After a bank loan is overdue, the first thing to be affected is the borrower's credit report.

Most bank loans have no grace period. The day after the borrower is overdue, the overdue record will be recorded in the personal credit report.

If it is overdue for a long time, it is a serious credit stain.

After that, if the borrower wants to apply for any credit business, such as home loan, car loan, credit card, etc., it will be easily rejected.

In addition, considering the safety of funds, banks may even block the borrower's account.

If the circumstances are serious, the borrower may be directly required to return the loan funds in full within the specified time.

2. High penalty interest

After the loan is overdue, the bank will calculate the penalty interest based on the borrower's overdue time and overdue principal.

Generally speaking, the penalty interest will not be much, but the longer the borrower is overdue, the higher the penalty interest will be.

Once it exceeds one month, the penalty interest will continue to accumulate, which is also a huge amount.

3. Being

Once the borrower is overdue for more than 3 months, the bank is very likely to be the borrower.

After being charged, the borrower will be required to make forced repayment.

If the borrower is unable to repay the bill, the borrower's assets will be frozen and he will become a defaulter.

3. What will happen if you cannot repay the money you owe for the bank loan?

How much did you borrow?