1 Sunshine insurance loans will have to use the policy as collateral, if the user is unable to repay the loan on time, then when the total amount of outstanding principal and interest to reach the cash value of the policy of the insurance contract, the effectiveness of the insurance contract will terminate, the user will not be able to continue to enjoy the protection of the insurance contract.

2Sunshine insurance loan is not repaid, with the extension of the overdue time, is the corresponding late penalty interest, the longer the overdue time, the greater the interest, will increase the borrower's repayment pressure.

3Generally, insurance loans are connected to the credit system, once the loan is not or will lead to personal credit damage, the late record will be in the user's personal credit report until the user to fulfill the repayment obligations are still retained for five years, will also have an impact on the future of the loan and the application of other credit products.

In short, the consequences of failing to repay a Sunshine Insurance loan are more serious. In particular, it will lead to the lapse of the policy this consequence, if the policy itself is a life-long period of coverage, because of late repayment of the policy lapsed for the user is a very big loss, once the accident occurred in the insurance contract, the user is not able to apply to the insurance company to claim compensation.

Expanded information:

Sunshine Insurance is one of China's seven major insurance groups, which has a number of insurance policies, such as property insurance, life insurance and credit guarantee insurance. types of insurance can be insured for selection. As we all know, for insurance policies with cash value, they can be used to apply for loans. Usually it is possible to apply for a loan directly to the insurance company or the lending institution cooperating with the insurance company.

Online loans with late repayment will result in the following adverse consequences:

1. Penalty interest will start to accrue from the day of overdue until the customer pays it off in full. The penalty interest rate of many lending platforms will also increase compared to the borrowing rate, if the customer has been in arrears, I'm afraid there will be a lot of penalty interest, then the customer will have to pay more and more, the repayment pressure will also be more and more.

2. The lending platform will report the overdue situation to the big data, leaving a bad record in it. And some platforms or their cooperative lending institutions have access to the central bank credit, may also report the overdue situation to the central bank credit, leaving bad information in the customer's personal credit report, which leads to the customer's personal credit damaged.

3. The platform system is afraid that the customer's loan account will start the wind control, freezing the amount, so that the customer can no longer borrow. At the same time, because of the credit damage, so the customer to other lending institutions, platforms or banks to borrow will most likely be blocked, after all, the other party in the approval will also check the customer's credit status, once found problems, naturally refused to grant loans.

Online platform loan late how to negotiate:

In the online lending platform to apply for a loan if overdue, the customer can not repay, to negotiate repayment, then in contact with the platform customer service must first personal current temporarily does not have the ability to repay the situation to give a clear, because if the customer still have the ability to repay, the platform will not be negotiated with the customer. The customer can also provide the appropriate information to support, such as unemployment certificate, the termination of the labor contract certificate and so on.

Then you also need to express your willingness to actively repay the loan, and then finally try to put forward an application to extend the repayment period and repay the arrears in installments, which the lending platform will consider at its discretion. And you need to note that the loan platform generally does not have a stop interest pending service, so it is difficult to want to waive the interest. But if you can extend the repayment, you can also suspend the repayment pressure.

Of course, the lending platform may also reject the customer's application for deferral, for which the customer will have to make other preparations, such as trying to find around the family and friends to borrow money to pay back the loan first, and then pay back the money to friends and relatives after the money.