Overdue loans from the Agricultural Bank of China are blocked by the system and cannot be re-financed

What are the consequences of overdue loans from the Agricultural Bank of China?

1. Penalty interest will be incurred. Penalty interest is calculated based on compound interest, which means that the longer the overdue period, the higher the penalty interest that the borrower will need to pay. For those who are already weak in repayment ability, further penalty interest will increase their repayment pressure. ; 2. Personal credit is affected. The longer the period and the higher the amount, the greater the impact. As a result, it will be very difficult for the borrower to get another loan in the future. The lending institution is likely to fail the borrower's loan approval because of the borrower's poor credit; 3. Be sued in court. If the credit union fails to repay the loan after being repeatedly urged by the credit union, the credit union staff can sue the borrower to court and ask the court to order the borrower's assets to be auctioned and used to repay the funds. This can be done whether it is a mortgage or a line of credit. ?

What should you do after a rural credit cooperative loan is overdue? 1. Extension or repayment in installments. If you really do not have the ability to repay, you should negotiate with the lending institution to extend the repayment period or repay in installments. ?

2. Borrow money from relatives and friends. If the loan amount is not large, you can explain the situation to the friend, borrow money from the friend to repay the loan, agree on the loan amount and repayment time, and write down an IOU. Eliminate worries about borrowing money from relatives and friends.