1. Lending institutions will urge you to accept overdue loans according to law. According to the loan contract and guarantee contract (mortgage or pledge contract), the loan bank will bring a lawsuit to the court, and the court will take measures such as property preservation, including freezing the deposits in all bank accounts of you and the loan guarantor, and sealing up the pledged property. After the judgment is made, the property will be enforced according to law (deducting deposits, auctioning collateral, etc.). ) to repay the bank's loan losses. Specifically, it includes: loan principal, loan interest, overdue interest, penalty interest, all litigation costs arising therefrom, and related expenses incurred when disposing of pledged property.
2. Your credit will be affected, and personal loans will also be recorded as overdue loans in the national personal credit information consultation system. If the loan bank does not delete your records, you may not be able to get loans from all banks in the future, and your credit information will be blacklisted, which may restrict your travel, prevent you from flying and going abroad, and may even be unable to buy train tickets in the future.
3. If you provide false information or false information when borrowing money, the lending institution may sue you for fraudulent loans. If the fraudulent loan is true, you may be sentenced for fraud.
Criminal Law Amendment (VI) adds new charges. Article 175 of the Criminal Law, "Obtaining loans, bill acceptance, letters of credit, letters of guarantee, etc.". Whoever swindles the funds of a bank or other financial institution and causes heavy losses to the bank or other financial institution or has other serious circumstances shall be sentenced to fixed-term imprisonment of not more than three years or criminal detention and shall also, or shall only, be fined; Whoever causes particularly heavy losses to banks or other financial institutions or has other particularly serious circumstances shall be sentenced to fixed-term imprisonment of not less than three years but not more than seven years and fined. "