Lack of interest refers to the cost of not repaying the loan on time. When we apply for a loan from a bank or other financial institution, we will sign an agreement with the borrower to stipulate the loan amount, interest rate and other relevant terms. If we can't repay the loan on time, it will be regarded as arrears of interest, and we need to pay the corresponding fees.

The cost of defaulting on interest is usually related to factors such as loan amount, interest rate and overdue time. Generally speaking, default interest includes interest, fines, late fees and other forms. These expenses will gradually increase with the extension of arrears, which will cause a great burden on our finances.

In the financial market, owing interest is a common phenomenon. However, if you can repay the loan on time and avoid defaulting on interest, you can not only reduce the financial pressure, but also establish a good credit record, which will make it easier to get the support of credit institutions in future loan applications. Therefore, we should take the loan agreement seriously, repay it on time and avoid defaulting on interest.