If you owe 20,000 yuan for an online loan, you will have to bear the following consequences.

1. Credit reporting will be harmed.

2. It will be collected by the platform.

3. Penalty interest will be incurred.

4. The loan amount will be reduced.

5. The loan limit may be frozen.

6. Affect other loan applications.

7. Impaired credit reporting will affect your career.

8. Will be blacklisted.

9. Influence children’s further education.

10. Unable to enjoy preferential loan policies.

It can be seen that the consequences of not repaying an online loan of 20,000 yuan are quite serious. If the loan is not repaid in one day, the overdue impact will always exist and will continue to have an impact on the lender.

The penalty interest for overdue loans is calculated on a daily basis and is generally 1.5 times the loan interest of the same period. The longer the overdue period, the more penalty interest will be incurred.

So you still have to find a way to pay off the overdue loan as soon as possible. Of course, you can try to communicate with the lending institution to see if you can apply for some penalty interest exemption to reduce the repayment pressure as much as possible.

Don’t be too blind when applying for a loan. You need to fully consider your own financial strength and borrow reasonably on the premise that your income can cover the loan expenses.

If you want to query online loan data reports, you can search: Sixi Data, which can view the number of user applications, online loan data, online black index scores, hit risk warnings, court prosecution information, and arbitration Case information, trustworthy person information and other data, and the queried data is very accurate.

Extended information:

There are too many online loan places, where else can I borrow?

If there are too many online loan places, there may not be many places where you can borrow money in a short period of time, so everyone needs to be careful.

1. If the online loan you borrow has not been connected to the central bank's credit report, you can try to apply for a loan from a bank or other licensed financial institution.

After all, banks and other licensed financial institutions mainly check the applicant’s credit report when approving loans, which has nothing to do with big data, and frequent online loan applications only record In big data.

In this way, as long as your personal credit report remains good, you will have the opportunity to borrow money.

2. If some of the online loans you borrow are also connected to the central bank's credit report, causing not only the big data to become "expensive", but also the credit report to become "expensive", it is recommended to postpone the application and maintain at least Don’t borrow money for three months, and take advantage of this period to pay off the loans that have been borrowed in your name but have not yet been repaid (if you can’t finish it for a while, try to find a way to pay back more). When three months have passed, the credit report/big data will be " If the "flower" situation improves and the debt ratio decreases, then borrowing again should be no problem.