If the borrower fails to repay the loan within the agreed time limit, the lending institution will punish the borrower and collect default interest. The longer the overdue period, the more penalty interest.
As long as you have a record of overdue loans, you will be marked by the lending institution. When borrowing again, due to poor credit, you can't enjoy preferential loan products with low interest rates.
When the borrower is listed in the "Lao Lai" blacklist due to serious overdue, his ID number and overdue information will be published in the media, or his work unit will be informed; Limited to high consumption such as flying and high-speed rail; Vehicles under the name of the Borrower are limited to expressway, etc.