In fact, the interest rate agreed by the borrower and the lender does not exceed the annual interest rate of 24%, and this part of the money must be repaid. If the borrower brings a lawsuit to the court, the court will take compulsory measures to require the borrower to repay.
No, there will be the following consequences:
1, the penalty interest is high, and the loan penalty interest is the compound interest calculation method. The longer the overdue period, the higher the penalty interest and the greater the personal repayment pressure.
2. collect. After the deadline, the collection staff will keep calling, and will also call the borrower's parents, colleagues, friends, relatives and leaders to let everyone know that you owe money and have poor personal credit. In addition, there will be door-to-door collection and violent collection.
3. Affect personal credit. Users who borrow a lot and are overdue for a long time will upload the non-performing loan records to the credit information. Once it is blacklisted, it will affect your travel, bank loans, children's education, job hunting and so on.
4. After being sued, the platform will eventually sue overdue users and let the court help recover the arrears.