After applying for online loan products, there is a fixed repayment time, and users must make full repayments according to this time every month, otherwise they will be deemed to have failed to repay within the time limit. If it is overdue, once it is reported to the credit reporting system, it will affect your personal credit. So, can online loans really negotiate deferred repayments? What impact will it have?
Generally speaking, online loans cannot negotiate deferred repayment. Because most online loan platforms do not provide deferred repayment services, users must pay off their debts before 24:00 on the repayment date at the latest. Users need to proactively contact the loan platform to negotiate for an extension of repayment. The loan platform will only allow users to raise money for repayment and will not negotiate with the borrower. After all, extending the repayment period will increase the risks of the small loan platform. In addition, although some online loan platforms can defer repayment, they only target specific groups of people and use the borrower's comprehensive credit conditions, historical borrowing and repayment records, etc. as the basis for evaluation. If the user meets the requirements, the repayment page will show that there is a deferment. The wording on the loan does not require negotiation with the loan platform. Otherwise, it means that the user's qualifications do not meet the requirements.
What will be the impact if the online loan is not repaid?
1. Being collected by online loan platforms. If the online loan repayment is overdue, the platform will start from the day after the repayment date. Users will receive collection text messages and phone calls from the online loan platform every day. As the overdue period lengthens and the amount of arrears increases, collection methods will become more aggressive, such as door-to-door collections, etc., which will seriously affect the daily life and work of users.
2. Overdue credit report becomes worse. When it comes to credit reporting on online loans, as long as there is overdue behavior, it will be reported to the credit reporting system, and the user's credit will become worse. The longer the overdue time, the more serious the degree, and it will take 5 years to pay off the debt before it can be restored. Once a user is overdue for more than 3 months and becomes a typical bad user, he will not be able to successfully handle any credit business within 2 years.
3. Pay overdue fees. Two fees are generally charged for overdue online loans. One is overdue penalty interest, which is usually calculated and charged at 1.5 times the normal lending rate for online loans. The other is liquidated damages, which are charged at 3% of the unpaid principal. As the overdue time increases, more and more overdue fees need to be paid, and the repayment pressure on users will also increase.
4. Restricted borrowing. Most online loans allow recurring borrowing within the available limit, but each borrowing will refer to previous borrowing records. If the user has been overdue in the past and the circumstances are serious, the score after the platform evaluation is too low, the online loan platform will also refuse the user to borrow again.
Therefore, whether an online loan can be negotiated to postpone repayment mainly depends on the regulations of the online loan platform. In situations where repayment cannot be negotiated, users need to raise money to pay off the debt before the repayment date. Otherwise, overdue credit will deteriorate, they will need to pay high overdue fees, and they will not be able to borrow again.