Is it okay if I can’t pay back my Paipai loan?

It is a debt dispute and the debt is not repaid. The creditor can file a lawsuit against the debtor's debt behavior and require the debtor to repay the loan. If he refuses to repay, he can ask the court for enforcement.

Article 214 of the "Civil Procedure Law of the People's Republic of China" stipulates that if a creditor requires the debtor to pay money or securities and meets the following conditions, it may file a request with the grassroots level with jurisdiction When the People's Court applies for a payment order:

(1) The creditor and the debtor have no other debt disputes;

(2) The payment order can be served on the debtor.

The application shall state the amount of payment or securities as well as the facts and evidence on which it is based.

Article 215: After a creditor files an application, the people's court shall notify the creditor within five days whether to accept the application.

Extended information:

Article 84 Debt refers to the specific rights and obligations between the parties in accordance with the contract or legal provisions. The person who enjoys the rights is the creditor, and the person who bears the obligations is the debtor. The creditor has the right to require the debtor to perform its debts in accordance with the agreement or legal provisions.

Article 108 Debt settlement. If the debtor is temporarily unable to repay the debt, it may be repaid in installments with the consent of the creditor or the ruling of the people's court. If someone has the ability to repay and refuses to repay, the people's court shall make a ruling to force repayment.

Reference material: Baidu Encyclopedia - Civil Procedure Law of the People's Republic of China and the People's Republic of China. What will happen if Paipai loan fails?

The consequences of overdue Paipai loan:

It depends on how overdue you are. If you are overdue for a short time, you may only be charged overdue fees. If you are seriously overdue or maliciously overdue, the consequences you will face are quite serious.

Consequence 1: Encounter penalty interest and liquidated damages.

The larger the overdue amount and the longer the delay, the higher the overdue penalty will be.

Consequence 2: Credit damage.

Although borrowing money from Paipaidai is not included in your credit report, there is also a unique "blacklist" system in the microfinance circle. If one company does not repay, other companies' loans will also be repaid. Very difficult to approve.

Consequence 3: Collection by various means.

Paipaidai has its own collection system. If you don’t repay the debt, someone will call or send text messages to your friends in your address book, which will have a serious impact on your work and life.

If you have capital turnover needs, it is recommended that you use Youqianhua. Youqianhua is a credit service brand under Duxiaoman Financial (original name: Baidu Youqianhua, changed its name to "Youqianhua" in June 2018 "), big brands are reliable with low interest rates and are trustworthy. Money to spend - Manyidai, the loan limit is up to 200,000 (click the official free test limit), the daily interest rate is as low as 0.02%, with easy application, low interest rate and fast loan, flexible borrowing and repayment, transparent interest fees, and safety Strong characteristics.

Share with you the application conditions for Youqianhua: The application conditions for Youqianhua are mainly divided into two parts: age requirements and document requirements. 1. Age requirement: between 18-55 years old. Special reminder: Youqianhua declines to provide consumer installment loans to college students. If you are a college student, please give up the application. 2. Document requirements: During the application process, you need to provide your second-generation ID card and personal debit card. Note: The application only supports debit cards, and the application card is also your borrowing bank card. My identity information must be the second-generation ID card information. Temporary ID cards, expired ID cards, and first-generation ID cards cannot be used to apply. What are the consequences of borrowing money from Paipaidai?

Borrowing on Paipaidai will not have the following consequences:

1. Overdue penalty interest: If the loan is not repaid, Paipaidai will charge overdue penalty interest on a daily basis, knowing that the borrower until the money is paid off.

2. Encountered collection: Paipaidai will have collection specialists to run text messages and phone calls for overdue customer service.

3. Credit bureau: In addition to uploading the overdue records of Paipaidai to the People’s Bank of China credit bureau, it will also be uploaded to the online credit bureau with which it has a cooperative relationship.

4. Possible prosecution : If the circumstances are serious, such as malicious overdue, overdue days are too long, overdue amount is too large, then Paipaidai may sue the borrower.