Consequences:

The lender will collect the due loan from you in accordance with the law. According to the provisions of the loan contract and the guarantee contract (mortgage or pledge contract), the lender will file a claim with the court. If you file a lawsuit, the court will take property preservation and other measures, including freezing the deposits in all bank accounts of you and the loan guarantor, seizing your mortgaged properties, etc. After the judgment is made, the property will be enforced in accordance with the law (withholding deposits, auctioning mortgages, etc.) to repay the bank's loan losses. Specifically, it includes: loan principal, loan interest, overdue interest and penalty interest, as well as all resulting litigation costs, related costs incurred when disposing of mortgage (pledge) properties and realizing them, etc.

Your credit will be affected. If you use a company as the borrower, your company will be recorded in the national bank credit consultation system, and loans in your personal name will also be recorded in the national personal credit consultation system. Overdue loans are recorded in . If the loan bank does not clear your record, you may not be able to get a loan from any bank in the future

If you are not malicious in defaulting on the loan and are able to pay the interest on the normal loan, it is recommended that you first apply to The lender first applies for a loan extension and explains your willingness to repay, the fact that you cannot repay the loan temporarily, and your future repayment plan. This will usually help you.