How long is the term of the mortgage?
The term of the pledged loan shall not exceed one year or the maturity date of the deposit certificate.
What are the consequences of pledging loans overdue?
It is understood that if the pledged loan expires, the lending institution will directly deduct it from the deposit and record your credit history, resulting in bad credit information. What is the impact of personal bad credit reporting?
Bad credit records mainly have two negative effects, one is on the borrower's future loans, and the other is on the borrower's credit activities.
As an individual's "economic identity card", credit records have a great influence on loans. With a good credit record, you can gain the trust of the bank when applying for a loan. With a bad credit record, it will be more difficult for borrowers to manage loans regardless of loan consumption in the future. As long as it is a loan, it will be affected to a certain extent Some banks will reduce the loan amount, some banks will increase the expected annualized interest rate of loans, and some banks will even directly reject the borrower's loan application.
If you have a bad credit record, don't have the mentality of "breaking the jar and breaking the fall". Failure to repay on time for a long time will lead to a serious bad credit record. In fact, the credit bureau will delete the borrower's bad credit record within five years from the date of occurrence.