After overdue repayment, it will lead to the following consequences:
1. Personal credit is bad.
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3. Credit damage. Although the arrears have been paid, the overdue has already occurred, which will still affect your credit information and produce stains.
4. Overdue penalty interest. When the borrower is overdue, it will generate default interest according to the agreement signed at the time of borrowing.
5. late fees. Some loan types will also stipulate in the loan contract to collect late fees.
At present, the credit information system of many cash lending platforms is gradually improving. Once your credit history is stained, it is difficult to deal with it. And now many platforms cooperate with each other and enjoy the overdue data of users. If they have overdue data in this home, they can't make cash loans in other homes.
It's three days overdue at most. After one day, the credit report will be flawed.
After overdue repayment, it will lead to the following consequences:
Credit damage. Although the arrears have been paid, the overdue has already occurred, which will still affect your credit information and produce stains.
Overdue penalty interest. When the borrower is overdue, it will generate default interest according to the agreement signed at the time of borrowing.
Late payment fees Some loan types will also stipulate in the loan contract to collect late payment fees.
First, personal credit is not good. As long as the borrower is overdue, personal credit will be damaged, and this record will be kept for 5 years. During this period, if the bank credit business is to be handled, the auditors will focus on checking the credit records. If the loan is in arrears for a long time, it will lead to the formation of bad debts, which can basically be regarded as black households.
Second, collection. Generally speaking, after the loan is overdue, the banking institution will immediately arrange for people to notify by phone or SMS. Although there will be no violent collection, there will be some phone calls. If it is overdue for a long time, the bank may outsource the debt to a third party company, and the daily life of the borrower will be affected to some extent.
In addition to the above consequences, the borrower may be sued if it is overdue. Although banks rarely use this method, if the borrower owes too much, it does not rule out that banks will also sue in court. So I suggest that you pay back on time and don't have the idea of default, otherwise it will really bring you a lot of trouble.