What will happen to quark loans?
Consequence 1: penalty interest and liquidated damages.
If the loan is not repaid, the first thing you encounter is a high penalty interest. Some financial institutions need you to pay liquidated damages on the basis of penalty interest. These expenses add up to a lot of money.
Consequence 2: Credit damage.
If you borrow money and fail to pay it back within the time limit, your personal credit report will be stained, and it will be more difficult to apply for credit cards and loans in the future. Even small loan companies are not included in the credit report, and there is a "blacklist" system in the circle. If a company does not pay back, it will be difficult to approve other loans.
Consequence 3: being collected by various means.
Banks and small loan companies have their own collection systems. Novices will send you text messages and call you to collect money. In serious cases, there will even be a collection staff pressing you around the clock, which will seriously disrupt your work and life.
Consequence 4: If you are sued, your assets may be seized.
Financial institutions will also arm themselves with laws. If you don't pay the arrears, you will be prosecuted if the amount is relatively large. Once the court makes a verdict, even if you are reluctant, you must execute the "repayment ruling". Otherwise, the court will seal up the property under your name according to law and repay the arrears with the proceeds from the auction.
Consequence 5: If the circumstances are serious, you will go to jail.
Generally speaking, such incidents as non-repayment of loans are civil disputes and will not rise to the criminal level. However, if the borrower refuses to implement it, it will be considered as a deadbeat and would rather run away than pay back the money. If the circumstances are very bad, the court will also investigate the criminal responsibility of the borrower, and if it is too serious, it will go to jail.
Do you collect credit on quark loans?
According to the announcement, Quaker Financial said that before May 3, 20 19, the company will enjoy the overdue borrower information of banks, microfinance companies, online lending companies and other related financial institutions and report the credit information. The platform calls on all borrowers to fulfill their repayment obligations in accordance with the law and repay in advance or on time through the repayment account of kuake borrowers to avoid personal credit being affected.
What will happen to quark loans? You collect credit quark loans? At present, as a formal loan, Quark Loan is bound to receive credit information. Once the borrower fails to do it on the platform, it will affect the borrower's personal credit information and directly affect the borrower's application for loans on other platforms in the future. Overdue on the platform will not only have a negative impact on the borrower's personal credit, but also produce a relatively high penalty period in loans overdue.