What is loans overdue?
Loans overdue usually refers to the phenomenon that after the loan expires, the borrower fails to repay the loan principal and interest to the bank that issued the loan according to the loan term agreed in the loan contract, and fails to go through the relevant extension or lending procedures, resulting in the loan exceeding the agreed term.
Danger of overdue:
1. Failing to do so will also affect personal credit information. Lenders borrow money from banks. If they don't repay within the time limit, their personal credit report will leave a bad credit record. It is very difficult to apply for credit cards and loans in the future, and most of them will be rejected, which will bring a lot of trouble to personal production and life.
2. The most direct consequence of not paying back the credit loan is a high penalty interest, and you may have to pay a certain penalty. Even the principal and interest add up to a lot of expenses, and the result of not repaying on time is to increase my economic pressure.
3. In loans overdue, the lender will face all kinds of collection. Banks or financial institutions have their own collection systems. After the lender is overdue, the first-class collection will send you a text message and call for a reminder. If it is not returned for a long time, and the degree is serious, there will even be a collector to collect it in person. This overdue person should be psychologically prepared and try to pay off the money as soon as possible before solving it.
4. If the loan is overdue for a long time and the amount is large, the lender may be sued by financial institutions. After the lawsuit is accepted, the lender's assets may be sealed up after the court pronounced a sentence. This is the "repayment reward" that the lender must implement, otherwise, the court will seal up the property and other assets under your name according to law and repay the arrears with the proceeds from the auction.
If the circumstances are serious, you may go to jail. Normally, incidents such as borrowing money and not paying it back are civil disputes and will not rise to the criminal level. However, if some lenders refuse to implement and insist on not paying back the money, if the circumstances are serious and bad, the court will also investigate the criminal responsibility of the borrower as appropriate, and if the circumstances are serious, they will go to jail.