How serious are the consequences of late payment?
1 seriously affects the credit index.
If you don't repay on time, it will become a stain on the borrower's credit. Once there is a stain, the borrower wants to find another loan company, which is definitely not possible.
2. The repayment pressure after overdue is great.
If a small loan is borrowed and it is not repaid within the prescribed time limit, the platform will attach an overdue fee or liquidated damages. In this way, when repayment is made in the future, not only the previous principal interest will be paid back, but also the liquidated damages will be added, which will undoubtedly make the repayment pressure even greater, and the loss will outweigh the gain.
3 may cause assets to be closed.
Although small loans are generally borrowed less, if the amount is large, they may be sued by the lending company. Then your assets may be seized and your funds frozen, and the impact on your life can be imagined.
If the circumstances are serious, it will violate the law.
Generally speaking, small loans are not civil disputes and will not be litigated. However, if the parties refuse to implement it, it will rise to the level of illegality, and criminal responsibility will be investigated for acts with particularly bad circumstances.
5 the most troublesome collection
If the loan is overdue for a long time, the borrower will call for collection and send various types of text messages, which will cause mental injury and stress thousands of times higher than that of the body, leading to people on the verge of life and death and broken families.