At present, most banks have implemented the "time grace period" service, and the repayment grace period is generally 3 days. For example, your repayment date is 1 day per month. Then if you repay on the 2nd, 3rd and 4th, the bank will regard it as timely repayment. However, if the repayment exceeds the grace period, the bank will not only charge a late fee, but also record the overdue behavior in the credit report.

The consequences of loans overdue:

1. Impact on credit reporting: This product is mainly aimed at credit reporting. In addition to banks, many consumer finance and licensed small loan companies have access to the central bank's credit information, so when applying for such products, they will not only check the credit information, but also report the credit information after the deadline.

2. Penalty interest: basically, once all credit products are overdue on the first day, penalty interest will be calculated. The longer the overdue period, the more penalty interest.

3. Collection: Banks and financial institutions will also collect money, mostly by telephone. Although it is not as violent as private lending, it will also have a certain impact on life.

If loans overdue still fails to pay, he should immediately apply to the online lending institution for deferred repayment, and explain to the online lending institution the reasons for his failure. I hope you can apply for deferred repayment. As long as the reasons are reasonable, banks will generally agree.

Or you can borrow money from friends and relatives around you, pay back the loan first, and then pay it back to friends and relatives slowly. At the very least, it can be guaranteed that the loan will not be owed more because of penalty interest and penalty interest, and the borrower's debt and credit report will also increase.