What will happen if you fail to repay the bank loan?

1. Failure to repay the bank loan will first affect your personal credit.

All bad records of loan arrears and non-repayments will be automatically collected into the People's Bank of China's personal credit system, which can be queried online across the country. When applying for a loan in the future, all banks will check your personal credit report before issuing a loan. If you have a bad credit record, it will be difficult or even impossible to apply for any loan or credit card. After getting married, your spouse's loan application will be affected.

2. In addition, banks will collect debts from borrowers who have overdue repayments. If collection fails, banks will sue customers who fail to repay overdue loans and enforce repayment.

If there is no cash repayment, the mortgaged property can be disposed of through auction or other legal means in accordance with the law. For example, the house will be disposed of through auction or other legal means, and the proceeds will be used to repay the bank loan.

Extended information:

Solutions for overdue bank loans:

1. If the cardholder forgets to repay the loan and discovers it is overdue, he must repay it as soon as possible. It’s best to pay it back in full. Call the bank's credit card center and declare that the debt is not malicious. If the overdue time is short, the bank may not count the bad records;

2. When the credit card is overdue and unable to repay due to unemployment, illness, etc., the cardholder should proactively contact the bank's credit card center before the repayment period. Explain your financial situation, declare that you do not owe money maliciously, and apply for deferred repayment or installment repayment;

3. Cardholders actively apply for deferred repayment, and banks will often agree to the extension. Banks and cardholders People agree on a mutually acceptable repayment plan.