1. Pay more overdue penalty interest

From the first day of overdue, the overdue amount will be charged at the penalty interest rate, which is usually 1.5 times the normal interest rate. The longer the loan is not repaid, the more overdue penalty interest will be, and it will be a lot of expenses.

2. Personal credit is damaged

If the loan is not repaid after 24: on the repayment date, the lending institution will truthfully report the overdue situation to the central bank's credit information center according to the relevant regulatory requirements, which will be displayed on the personal credit information report for a long time, resulting in personal credit damage, and it is impossible to apply for other loans until it is repaid.

3. We are constantly faced with various collections

including SMS collection, telephone collection, door-to-door collection, etc. There will be a collection process, which will press the borrower step by step until the overdue debts are settled. This process is continuous and periodic, which will inevitably have a great impact on our work, life and psychological state in the long run.

4. Microfinance can't continue to borrow money

The previously applied microfinance has not been repaid. In order to stop the loss in time, the lending institution will definitely cancel the borrower's loan qualification and the remaining loanable amount, so that he can't continue to borrow money and can only repay it. Even if the arrears are paid off, he may not be able to continue to use it in the future.

5. The lender brings a lawsuit

If the borrower can't pay back the money due to overdue penalty interest, credit damage, continuous collection, etc., then the lender can only take legal measures to safeguard its own interests, bring a lawsuit to the court, and let the borrower fulfill the repayment obligation after the court decides.

The borrower, as a party who breaks the contract and promises, is disgraced in court, and the property under his name may be seized and sealed up according to law, and the repayment may be enforced by the court.

6. Becoming an executor of bad faith

This happens after the judgment of the court. If the borrower has the ability to perform but refuses to perform the effective legal documents, it may be included in the list of executors of bad faith, and then published through newspapers, radio, television, the Internet, court announcements, etc., so as to let the people of the whole country know and show credit punishment.

7. Restricted high consumption

Generally, it is an order to restrict high consumption issued by a lending institution to the person who is executed, that is, the borrower who fails to perform the effective legal documents, such as not being allowed to travel by plane, not being allowed to attend expensive private schools for children, not being allowed to buy houses and cars, and not being allowed to travel or take vacations.

8. If the circumstances are serious, it may rise to the criminal level.

Borrowing money is not only a civil dispute. If the borrower refuses to fulfill the repayment obligation, he is beaten and injured by the court in the process of compulsory execution, or hides, transfers or damages the property seized according to law, if the circumstances are serious, it may rise to the criminal level and be detained or sentenced to jail.

By docking with third-party big data risk control platforms, such as "Xiaoqi Credit Check" and Sesame Credit, online loan users can check their credit qualifications. Xiaoqixin has established data cooperation with more than 98% online lending institutions in the market, and the query results are relatively accurate and intuitive, and various index data can be obtained; In most loan platforms, the blacklist data of online loans is shared by * * *, so it is very important to maintain your own online loan credit, otherwise you may lose a good credit record.

Extended information:

What should I do if I can't borrow money from microfinance for the time being?

there are several ways to borrow money for the time being.

1. Borrowing money from relatives and friends to pay back

is to use the money of relatives and friends for a temporary transition to avoid these adverse consequences. After all, there is still some mutual affection between relatives and friends, and they are not as strange as lending institutions, but at most, it is just an emergency, and the money that should be paid back must always be paid back.

2. Selling some idle assets

For example, precious metal jewelry, self-use cars, digital appliances and other high-value assets, it is better to repay overdue debts after selling them than to be enforced by the court in the future. Even if it can't be paid off at one time, it can alleviate some overdue consequences, and at least the attitude of repaying arrears is good.

3. Take the initiative to negotiate with the lending institution

Don't go to the situation where the credit is seriously damaged and the lawsuit is brought to court. When the lending institution collects overdue debts, it will actively negotiate and communicate, indicating its repayment attitude, but it needs to extend the repayment time. If the purpose of the lending institution is to recover the debts, then an agreement can still be reached.

4. Face up to it positively and work hard

Although small loans are not enough, the pace of life will not stop. You must always have some sources of income, and then reduce some living expenses, and the money you save can slowly repay the loan. In a word, it is the fundamental way to solve the problem.