Changxiangdai is a consumer loan product under Changyin Consumer Finance. A friend is unable to repay the loan after applying for a loan. I don’t know what to do if the Changxiang loan cannot be repaid. What will happen? Let’s find out together!

1. According to the provisions of Article 108 of the "General Principles of the People's Republic of China and Civil Law". "Debts should be paid off. If they are temporarily unable to repay, they can be repaid in installments by the debtor with the consent of the creditor or the ruling of the People's Court. If the debtor has the ability to repay and refuses to repay, the People's Court will make a ruling to force repayment." It is recommended that borrowers gather money as soon as possible to fulfill their repayment obligations. If you are really unable to repay the loan, you can negotiate with Changyin Consumer Finance to waive interest and only repay the principal or in installments. Changyin Consumer Finance Changxiangdai will not have the following consequences.

2. Overdue penalty interest. If Changxiang Loan is overdue, Changyin Consumer Finance will charge penalty interest and liquidated damages in accordance with the contract. The longer the delay, the more you will owe.

3. Facing debt collection. The borrower will be collected by Changyin Consumer Finance and contacted by his family or work unit, and his normal life and work order will be disturbed to a certain extent.

4. Generating bad credit. If Changxiang Loans are not repaid, the corresponding overdue repayment records will be uploaded to the credit database, which will have an adverse impact on personal credit. Being included in the list of dishonest people will also affect individuals' high-end consumption, transportation, and children's schooling.

5. Unable to handle credit business. Overdue Changxiangdai will affect the handling of Changyin's consumer finance credit business in the future, and the credit business of other financial institutions will also be affected after it is uploaded to the credit database.

6. Sued by Changyin Consumer Finance. If the borrower continues to fail to pay off the debt, Changyin Consumer Finance will sue the borrower, and the property in the name of the borrower who has the ability to repay will be enforced, and the proceeds will be used to pay off the debt.

The above is the answer to "What should I do if I can't repay my Changyin Consumer Finance Changxiang Loan?" It is recommended that borrowers repay the loan on time. The greater the impact if it is overdue for a long time.