Jin Dong IOU is a consumer credit product, and overdue repayment will lead to a series of consequences. The specific consequences depend on the length of overdue time, overdue amount, repayment record of the borrower and other factors. Here are some possible scenarios:
1. overdue fee: Jin Dong IOUs usually set overdue fees, that is, extra fees generated by overdue repayment. These expenses may include late fees, penalty interest, etc. , will increase the borrower's repayment burden.
2. Credit record is damaged: overdue repayment will affect the borrower's credit record. The overdue records of Jin Dong IOUs will be reported by credit reporting agencies, which may reduce the credit score of borrowers. The decline in credit score may have a negative impact on the borrower's future application for loans, credit cards and other financial products.
3. Collection action: After Jin Dong's IOU is overdue, the borrower may receive a collection notice or phone call. Collection agencies can take various measures such as telephone collection, door-to-door collection and legal proceedings. , to recover overdue debts.
4. Legal proceedings: If the borrower refuses to repay or is unable to repay for a long time, the lender of Jin Dong Baitiao can take legal proceedings to recover the arrears. This may lead to additional burdens such as legal fees and attorney fees, and have a more serious impact on the borrower's credit record.
In a word, the overdue repayment of Jin Dong IOUs will bring a series of adverse consequences, including extra expenses, damaged credit records, collection actions and possible legal proceedings. Therefore, the borrower should try his best to repay the loan on time, or communicate with the lender in time to find a solution if the loan cannot be repaid on time.
Legal basis:
People's Republic of China (PRC) Commercial Bank Law;
Chapter I General Provisions Article 3 Commercial banks may engage in some or all of the following businesses: (1) Absorbing public deposits; (2) Short-term, medium-term and long-term loans; (3) Handling domestic and international settlement; (4) Handling bill acceptance and discount; (5) Issuing financial bonds. (6) Acting as an agent to issue, honor and underwrite government bonds; (7) buying and selling government bonds and financial bonds; (eight) engaged in interbank lending; (9) Acting as an agent for buying and selling foreign exchange; (ten) engaged in bank card business; (eleven) to provide letter of credit services and guarantees; (12) Agency payment and insurance agency business; (thirteen) to provide safe deposit box services; (14) Other businesses approved by the State Council Banking Regulatory Authority. The business scope shall be stipulated in the articles of association of the commercial bank and reported to the the State Council Banking Regulatory Authority for approval. With the approval of the People's Bank of China, commercial banks can engage in foreign exchange settlement and sale business.