The mobile phone WeChat loan is not enough, and the consequences are serious
(1) Overdue credit record.
Now, the central bank has established a relatively complete credit information system. If the borrower fails to repay the mobile phone WeChat loan in full and on time, the credit information system will immediately record the default and the borrower's credit rating will be lowered. Borrowers with default records may not be able to enjoy preferential interest rates or even pay extra interest when they apply for loans from financial institutions again.
(2) Being blacklisted by the court.
If the borrower fails to repay the mobile phone WeChat loan and becomes the so-called "Lao Lai", the financial institution will bring a lawsuit to the court, and the court will enforce the borrower, such as auctioning valuables such as real estate and cars. For example, the court will also blacklist borrowers. From then on, the borrower's daily life will be subject to many restrictions, including not being able to fly, not staying in star-rated hotels and not being able to attend expensive private schools for children.
(3) Pay late fees
After mobile phone WeChat loans overdue, financial institutions will charge a penalty of 30%-50% of the original loan interest rate. Although the amount is not much, it will still increase the repayment pressure for borrowers who cannot repay on time.
What if the mobile phone WeChat loan still doesn't work?
(1) If the borrower cannot exchange foreign exchange on time, he should take the initiative to communicate with the lender and apply for deferred repayment;
(2) If there is a guarantor in the loan contract, the borrower can first ask the guarantor to advance the loan for himself to ensure the normal repayment and avoid leaving overdue records;
(3) If there is collateral or pledge in the loan contract, the borrower may apply to repay the loan with collateral or pledge;