Three consecutive overdue loans, emphasizing that the borrower failed to repay on time for three consecutive times. This means that the borrower has failed to perform on time for at least three consecutive times in the past period of time, and each overdue time is connected with the previous overdue time. Take bank loans as an example. If the borrower fails to repay the loan on time for three consecutive times within three months, it can be regarded as three consecutive overdue times.
In contrast, the cumulative six overdue emphasizes that the borrower has reached six overdue times in a period of time. This means that in the past period of time, the borrower has accumulated six records of failing to return on time, and these six overdue times are not necessarily continuous. Take credit cards as an example. If the borrower has been overdue for six times in the past year, whether the six overdue times are continuous or not, it can be regarded as a cumulative six overdue times.
To sum up, three consecutive overdue and six cumulative overdue are different descriptions of the borrower's breach of contract. The former focuses on continuous failure to perform the contract on time, while the latter focuses on the accumulation of multiple overdue within a certain time range.
Extended data:
Overdue refers to the borrower's failure to repay the loan principal and interest at the time and amount stipulated in the contract. Overdue will have a negative impact on the borrower's credit record, which may lead to a decline in the credit score and limit the borrower's credit activities. For financial institutions, overdue will also increase their risk exposure.
When applying for loans, credit cards and other financial products, banks and other financial institutions usually review the credit history and history of borrowers. Three consecutive overdue and six cumulative overdue are common evaluation indicators. These indicators can help financial institutions identify risky customers and decide whether to provide them with loans or credit lines.
It should be noted that different financial institutions have different criteria for determining three consecutive overdue and six accumulated overdue. Some institutions may set different thresholds for overdue times and overdue amounts. Therefore, borrowers should understand the specific regulations of various institutions when applying for wealth management products, so as not to affect their credit due to overdue.
In short, there are some differences between three consecutive overdue and six cumulative overdue in describing the borrower's default. Understanding these concepts is of great significance for borrowers to maintain good credit in financial activities.