Consequence 1. Under normal circumstances, the loan interest during the overdue period may be higher, or there may be liquidated damages. If the loan is not repaid, the first thing you encounter is a high penalty interest. Some financial institutions need you to pay a fine on the basis of penalty interest. These expenses add up to a lot of money.
Consequence 2: Credit damage. If you borrow money from the bank and fail to repay it within the time limit, your personal credit report will be tarnished, and it will be more difficult to apply for bank cards and loans in the future. Even small loan companies are not included in the credit report, and there is a shared "blacklist" system in the circle. If a company does not pay back the money, it is difficult to approve other loans.
Consequence 3: being collected by various means. Banks and small loan companies have their own collection systems. Students will send you text messages and phone calls to bomb friends in the address book, including your family, relatives and friends. In some serious cases, there will even be a collection staff pressing you 24 hours a day, which will seriously disrupt your work and life.
Consequence 4. If you are sued, your assets may be seized. Financial institutions will also arm themselves with laws. If you don't pay the arrears, you will be sued if the amount is large. Once the court makes a verdict, even if you 100 are reluctant, you must implement the "repayment ruling". Otherwise, the court will seal up the property under your name according to law and repay the arrears with the proceeds from the auction.
Consequence 5. If the borrower refuses to pay back the money, it may involve fraud, and if it is serious, it will go to jail. Although non-payment of money is a civil dispute, it will not rise to a criminal case. However, if the borrower resolutely refuses to pay back the money, the court will investigate the criminal responsibility of the lender and even go to jail.