Because the insurance company is equivalent to the borrower's guarantee agency, when the borrower cannot repay the loan on time, the insurance company will repay the loan on his behalf, and then the insurance company will recover the debt from the borrower.

It is recommended that the questioner raise money and repay the loan as soon as possible, otherwise it may have a serious impact on the credit record.

Normally, once there is a record of compensation or recovery on the credit report, regardless of the amount, it is considered a serious overdue behavior and will affect subsequent loans. Reimbursement, as the name suggests, means repayment on your behalf. Today, with the rapid development of Internet finance, some online lending institutions choose to introduce insurance or guarantee companies to bear risks. When borrowers apply for a loan, they must first pay an insurance or guarantee fee. , once the borrower fails to repay the money overdue, the debt will be repaid by the insurance or guarantee company, and the creditor will be transferred to the latter by the online lending institution, and the relevant repayment information will be displayed on the borrower's credit report.