1, overdue penalty interest. No matter what kind of online loan is applied for, once the repayment is overdue, the lending institution will not only inform the borrower to repay the loan in time, but also collect penalty interest (including liquidated damages for some products) according to the corresponding standards. The longer the time, the more penalty interest.
It is difficult to apply for a loan in the future. Many small loan products are applying for or preparing to access the central bank's credit information. Moreover, overdue repayment will also affect the credit rating of third parties, and it will be quite difficult to apply for loans on other loan platforms in the future. Moreover, if the small loan has been connected to the credit information, once the loan is not repaid, it may affect the approval of the bank loan. Even if it is approved by luck, the credit line will be greatly affected.